Dog (Bitcoin) vs cat in a dogs world

Dog (Bitcoin) (DOG) is 2.5× the size of cat in a dogs world (MEW) by market capitalisation. Over the past 30 days, MEW is ahead by 15.4 percentage points (DOG -20.4% against MEW -4.9%). Their daily returns move barely together (correlation 0.23 across 48 shared trading days). DOG has been the more volatile of the two, at 148% annualised against MEW's 99%.

Correlation: 0.23
Size ratio: 2.5×
Ahead over 30 days: MEW

Dog (Bitcoin)DOG

$0.000842

24h: +6.15%
Market cap: $84.27M
Volume 24h: $626,868
Volatility (ann.): 148%

cat in a dogs worldMEW

$0.000375

24h: -2.36%
Market cap: $33.33M
Volume 24h: $3.60M
Volatility (ann.): 99%

DOG 71.7%Share of the two combined market caps28.3% MEW

Performance

DOGMEW

7 days-9.71%-11.24%DOG
30 days-20.37%-4.93%MEW

Correlation

0.23over 48 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.3690d: insufficient data1y: insufficient data

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.

Risk & extremes

Metric	DOG	MEW
Max drawdown (400d)	-45.1%	-24.8%
Risk-adjusted return (90d)	0.23	-0.09

Relative strength over 90 days: DOG outperformed MEW by 17.0% — measured on the DOG/MEW ratio, so it holds regardless of market direction.

Dog (Bitcoin) →cat in a dogs world →