Dogecoin (DOGE) is 45136.8× the size of BitShiba (SHIBA) by market capitalisation. Their daily returns move closely together (correlation 0.63 across 35 shared trading days). DOGE has been the more volatile of the two, at 70% annualised against SHIBA's 40%.
SHIBADOGE
0.63over 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 | SHIBA | DOGE |
|---|---|---|
| Max drawdown (400d) | -13.3% | -74.0% |
| Risk-adjusted return (90d) | -0.21 | 0.17 |
| Best 30 days (past year) | — | +34.3% |
| Worst 30 days (past year) | — | -41.2% |
Relative strength over 90 days: SHIBA outperformed DOGE by 12.2% — measured on the SHIBA/DOGE ratio, so it holds regardless of market direction.