dogwifhat (WIF) is 19375.8× the size of Dog Stolen From Tesla (LEMON) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.07 across 33 shared trading days). LEMON has been the more volatile of the two, at 426% annualised against WIF's 104%.
LEMONWIF
-0.07over 33 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 | LEMON | WIF |
|---|---|---|
| Max drawdown (400d) | -55.9% | -83.1% |
| Risk-adjusted return (90d) | -0.12 | 0.21 |
| Best 30 days (past year) | — | +57.5% |
| Worst 30 days (past year) | — | -50.5% |
Relative strength over 90 days: WIF outperformed LEMON by 31.5% — measured on the LEMON/WIF ratio, so it holds regardless of market direction.