Dog (Bitcoin) (DOG) is 12165.5× the size of Aspen (ASPEN) by market capitalisation. Their daily returns move loosely together (correlation 0.40 across 23 shared trading days). ASPEN has been the more volatile of the two, at 171% annualised against DOG's 148%.
ASPENDOG
0.40over 23 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 | DOG |
|---|---|---|
| Max drawdown (400d) | -98.1% | -45.1% |
| Risk-adjusted return (90d) | -0.78 | 0.32 |
Relative strength over 90 days: DOG outperformed ASPEN by 39.6% — measured on the ASPEN/DOG ratio, so it holds regardless of market direction.