Pepe (PEPE) is 53009.3× the size of Code Token (CODE) by market capitalisation. Their daily returns move closely together (correlation 0.70 across 61 shared trading days). CODE has been the more volatile of the two, at 144% annualised against PEPE's 102%.
CODEPEPE
0.70over 61 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 | CODE | PEPE |
|---|---|---|
| Max drawdown (400d) | -74.4% | -77.2% |
| Risk-adjusted return (90d) | -0.46 | 0.65 |
| Best 30 days (past year) | — | +63.5% |
| Worst 30 days (past year) | — | -48.9% |
Relative strength over 90 days: PEPE outperformed CODE by 29.7% — measured on the CODE/PEPE ratio, so it holds regardless of market direction.