Baby Doge Coin (BABYDOGE) is 6939.3× the size of BATON (BATON) by market capitalisation. Their daily returns move barely together (correlation 0.26 across 20 shared trading days). BATON has been the more volatile of the two, at 82% annualised against BABYDOGE's 48%.
BATONBABYDOGE
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 | BATON | BABYDOGE |
|---|---|---|
| Max drawdown (400d) | -42.4% | -15.5% |
| Risk-adjusted return (90d) | -0.43 | -0.27 |
Relative strength over 90 days: BABYDOGE outperformed BATON by 12.3% — measured on the BATON/BABYDOGE ratio, so it holds regardless of market direction.