dogwifhat (WIF) is 101.3× the size of Believe (BELIEVE) by market capitalisation. Their daily returns move loosely in opposite directions (correlation -0.40 across 39 shared trading days). Both have run at a similar volatility, around 109% annualised.
BELIEVEWIF
-0.40over 39 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 | BELIEVE | WIF |
|---|---|---|
| Max drawdown (400d) | -15.8% | -83.1% |
| Risk-adjusted return (90d) | 0.04 | 0.22 |
| Best 30 days (past year) | — | +57.5% |
| Worst 30 days (past year) | — | -50.5% |
Relative strength over 90 days: BELIEVE outperformed WIF by 20.0% — measured on the BELIEVE/WIF ratio, so it holds regardless of market direction.