Capitulation occurs when a significant proportion of investors give in to fear and sell within a short period of time, resulting in a sharp drop in the price of a security or market against a backdrop of high trading volume.
Surrender marks a short-term price low followed by at least a rally in relief.
Until the price recovers significantly, there is no guarantee that the apparent “surrender” will not be followed by an additional sharp drop.
Surrender causes more turnover among investors, allowing a recovery by replacing risk-averse sellers with risk-tolerant buyers, but it cannot guarantee that these buyers will not end up selling even lower.