dogwifhat (WIF) is 2.1× the size of Dog (Bitcoin) (DOG) by market capitalisation. Their daily returns move barely together (correlation 0.21 across 56 shared trading days). DOG has been the more volatile of the two, at 148% annualised against WIF's 104%.
DOGWIF
0.21over 56 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 | DOG | WIF |
|---|---|---|
| Max drawdown (400d) | -45.1% | -83.1% |
| Risk-adjusted return (90d) | 0.23 | 0.22 |
| Best 30 days (past year) | — | +57.5% |
| Worst 30 days (past year) | — | -50.5% |
Relative strength over 90 days: DOG outperformed WIF by 5.9% — measured on the DOG/WIF ratio, so it holds regardless of market direction.