dogwifhat (WIF) is 1780.2× the size of Digital Oil Memecoin (OIL) by market capitalisation. Their daily returns move loosely together (correlation 0.47 across 35 shared trading days). Both have run at a similar volatility, around 108% annualised.
OILWIF
0.47over 35 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 | OIL | WIF |
|---|---|---|
| Max drawdown (400d) | -34.9% | -83.1% |
| Risk-adjusted return (90d) | -0.29 | 0.21 |
| Best 30 days (past year) | — | +57.5% |
| Worst 30 days (past year) | — | -50.5% |
Relative strength over 90 days: WIF outperformed OIL by 1.8% — measured on the OIL/WIF ratio, so it holds regardless of market direction.