Popcat (POPCAT) is 541.4× the size of Bop Cat (BOP) by market capitalisation. Over the past 30 days, POPCAT is ahead by 25.2 percentage points (BOP -41.0% against POPCAT -15.8%). Their daily returns move loosely together (correlation 0.39 across 20 shared trading days). Both have run at a similar volatility, around 103% annualised.
BOPPOPCAT
0.39over 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 | BOP | POPCAT |
|---|---|---|
| Max drawdown (400d) | -48.7% | -35.5% |
| Risk-adjusted return (90d) | -0.37 | -0.13 |
Relative strength over 90 days: BOP outperformed POPCAT by 2.9% — measured on the BOP/POPCAT ratio, so it holds regardless of market direction.