cat in a dogs world (MEW) is 4794.4× the size of Aspen (ASPEN) by market capitalisation. Their daily returns move barely together (correlation 0.26 across 20 shared trading days). ASPEN has been the more volatile of the two, at 171% annualised against MEW's 98%.
ASPENMEW
0.26over 20 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 | ASPEN | MEW |
|---|---|---|
| Max drawdown (400d) | -98.1% | -24.8% |
| Risk-adjusted return (90d) | -0.78 | -0.09 |
Relative strength over 90 days: MEW outperformed ASPEN by 16.1% — measured on the ASPEN/MEW ratio, so it holds regardless of market direction.