Pepe (PEPE) is 23201.2× the size of bitcoin (2015 Wrapper) (Meme) (BTCE) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.11 across 175 shared trading days). BTCE has been the more volatile of the two, at 1320% annualised against PEPE's 102%.
$0.008232
BTCEPEPE
-0.11over 175 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 | BTCE | PEPE |
|---|---|---|
| Max drawdown (400d) | -94.8% | -77.2% |
| Risk-adjusted return (90d) | 0.01 | 0.71 |
| Best 30 days (past year) | — | +63.5% |
| Worst 30 days (past year) | — | -48.9% |
Relative strength over 90 days: BTCE outperformed PEPE by 13.8% — measured on the BTCE/PEPE ratio, so it holds regardless of market direction.