Degen (DEGEN) is 2136.6× the size of Coinbread (BREAD) by market capitalisation. Their daily returns move loosely together (correlation 0.41 across 25 shared trading days). BREAD has been the more volatile of the two, at 134% annualised against DEGEN's 78%.
BREADDEGEN
0.41over 25 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 | BREAD | DEGEN |
|---|---|---|
| Max drawdown (400d) | -72.5% | -26.2% |
| Risk-adjusted return (90d) | -0.04 | -0.20 |
Relative strength over 90 days: DEGEN outperformed BREAD by 28.5% — measured on the BREAD/DEGEN ratio, so it holds regardless of market direction.