Degen (DEGEN) is 347.8× the size of COIN (COIN) by market capitalisation. Their daily returns move closely together (correlation 0.69 across 22 shared trading days). Both have run at a similar volatility, around 79% annualised.
COINDEGEN
0.69over 22 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 | COIN | DEGEN |
|---|---|---|
| Max drawdown (400d) | -58.4% | -26.2% |
| Risk-adjusted return (90d) | -0.24 | -0.20 |
Relative strength over 90 days: COIN outperformed DEGEN by 10.8% — measured on the COIN/DEGEN ratio, so it holds regardless of market direction.