dogwifhat (WIF) is 41447.6× the size of Baton (BATON) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.03 across 35 shared trading days). Both have run at a similar volatility, around 99% annualised.
BATONWIF
-0.03over 35 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 | WIF |
|---|---|---|
| Max drawdown (400d) | -51.9% | -83.1% |
| Risk-adjusted return (90d) | -0.49 | 0.17 |
| Best 30 days (past year) | — | +57.5% |
| Worst 30 days (past year) | — | -50.5% |
Relative strength over 90 days: WIF outperformed BATON by 16.4% — measured on the BATON/WIF ratio, so it holds regardless of market direction.