Ape and Pepe (APEPE) is 18506.0× the size of Bird Dog on Base (BIRDDOG) by market capitalisation. Their daily returns move closely together (correlation 0.72 across 22 shared trading days). BIRDDOG has been the more volatile of the two, at 109% annualised against APEPE's 91%.
BIRDDOGAPEPE
0.72over 22 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 | BIRDDOG | APEPE |
|---|---|---|
| Max drawdown (400d) | -73.8% | -24.0% |
| Risk-adjusted return (90d) | -0.24 | 0.31 |
Relative strength over 90 days: APEPE outperformed BIRDDOG by 31.7% — measured on the BIRDDOG/APEPE ratio, so it holds regardless of market direction.