Ape and Pepe (APEPE) is 5505.7× the size of American Pepe (USPEPE) by market capitalisation. Their daily returns move barely together (correlation 0.34 across 28 shared trading days). USPEPE has been the more volatile of the two, at 144% annualised against APEPE's 92%.
USPEPEAPEPE
0.34over 28 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 | USPEPE | APEPE |
|---|---|---|
| Max drawdown (400d) | -48.0% | -24.0% |
| Risk-adjusted return (90d) | -0.07 | 0.31 |
Relative strength over 90 days: APEPE outperformed USPEPE by 16.6% — measured on the USPEPE/APEPE ratio, so it holds regardless of market direction.