Google Panda correlation to Google Penguin

[Zivush]

Is there any correlation between the two updates?

One of my sites has this traffic pattern since Panda 1:
• Panda 1: Gained 28%
• Panda 2: Lost 40%
• Panda 2.1 until Panda 3.4: No significant change
• Penguin 1: Gained! Back to pre-Panda 1 traffic levels
• Penguin 1.1: No change.

What is that mean: The site is good for penguin but was bad for Panda?
I assume that the quality is measured in both updates - So, it seems that the latest one overlaps the other (The Panda).
Correct me if I'm wrong.

[Shaddows]

I doubt you can tell. Here's two completely different suggestions

1)Feedback loops.

The respective algo modules do not just use underlying scores to output a module score, but additionally amends fundamental scores based on their own criteria.

Once the amended scoring is fed back through a different module, it results in different outcomes.

2) Penguine and Panda are not, in fact, penalties. They are scoring criteria that have positive or negative impacts. As they are different modules, the effects of each might work in opposite directions.

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Actually, you have not provided much to go on. Aggregate traffic are the same- what about keywords, landing pages, conversion rates?