Dogecoin (DOGE) is 4151.6× the size of Aavegotchi (GHST) by market capitalisation. Their daily returns move barely together (correlation 0.24 across 152 shared trading days). GHST has been the more volatile of the two, at 224% annualised against DOGE's 70%.
GHSTDOGE
0.24over 152 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 | GHST | DOGE |
|---|---|---|
| Max drawdown (400d) | -87.7% | -74.0% |
| Risk-adjusted return (90d) | -0.27 | 0.11 |
| Best 30 days (past year) | — | +34.3% |
| Worst 30 days (past year) | — | -41.2% |
Relative strength over 90 days: DOGE outperformed GHST by 52.9% — measured on the GHST/DOGE ratio, so it holds regardless of market direction.