Degen (DEGEN) is 2138.2× the size of Bird Dog on Base (BIRDDOG) by market capitalisation. Their daily returns move closely together (correlation 0.64 across 20 shared trading days). BIRDDOG has been the more volatile of the two, at 109% annualised against DEGEN's 79%.
BIRDDOGDEGEN
0.64over 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 | BIRDDOG | DEGEN |
|---|---|---|
| Max drawdown (400d) | -73.8% | -29.2% |
| Risk-adjusted return (90d) | -0.24 | -0.28 |
Relative strength over 90 days: DEGEN outperformed BIRDDOG by 24.6% — measured on the BIRDDOG/DEGEN ratio, so it holds regardless of market direction.