Pepe (PEPE) is 297779.5× the size of 8004 Dog (DOG8004) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.08 across 144 shared trading days). DOG8004 has been the more volatile of the two, at 644% annualised against PEPE's 102%.
DOG8004PEPE
-0.08over 144 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 | DOG8004 | PEPE |
|---|---|---|
| Max drawdown (400d) | -94.3% | -77.2% |
| Risk-adjusted return (90d) | -0.16 | 0.71 |
| Best 30 days (past year) | — | +63.5% |
| Worst 30 days (past year) | — | -48.9% |
Relative strength over 90 days: PEPE outperformed DOG8004 by 58.1% — measured on the DOG8004/PEPE ratio, so it holds regardless of market direction.