Dogecoin (DOGE) is 163229.8× the size of Clown Pepe (HONK) by market capitalisation. Their daily returns move closely together (correlation 0.62 across 26 shared trading days). DOGE has been the more volatile of the two, at 70% annualised against HONK's 35%.
HONKDOGE
0.62over 26 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 | HONK | DOGE |
|---|---|---|
| Max drawdown (400d) | -27.2% | -74.0% |
| Risk-adjusted return (90d) | -0.71 | 0.17 |
| Best 30 days (past year) | — | +34.3% |
| Worst 30 days (past year) | — | -41.2% |
Relative strength over 90 days: DOGE outperformed HONK by 7.7% — measured on the HONK/DOGE ratio, so it holds regardless of market direction.