Pudgy Penguins (PENGU) is 24277.1× the size of World Strategic Oil Supply (WSOS) by market capitalisation. Their daily returns move barely together (correlation 0.09 across 36 shared trading days). WSOS has been the more volatile of the two, at 743% annualised against PENGU's 104%.
$1.893e-5
WSOSPENGU
0.09over 36 shared trading days
Measured on daily returns rather than on prices. Two assets that both simply trend upward score near 1.0 on raw prices whether or not they move together, so returns are what answer the question people mean by correlation.
| Metric | WSOS | PENGU |
|---|---|---|
| Max drawdown (400d) | -99.7% | -82.4% |
| Risk-adjusted return (90d) | -0.13 | 0.21 |
| Best 30 days (past year) | — | +74.9% |
| Worst 30 days (past year) | — | -55.1% |
Relative strength over 90 days: PENGU outperformed WSOS by 99.2% — measured on the WSOS/PENGU ratio, so it holds regardless of market direction.