Dogecoin (DOGE) is 3.1× the size of Avalanche (AVAX) by market capitalisation. Over the past 1 year, AVAX is ahead by 6.2 percentage points (DOGE -55.1% against AVAX -48.8%). Their daily returns move closely together (correlation 0.77 across 399 shared trading days). Both have run at a similar volatility, around 74% annualised.
DOGEAVAX
0.77over 399 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 | DOGE | AVAX |
|---|---|---|
| Max drawdown (400d) | -74.0% | -81.2% |
| Risk-adjusted return (90d) | 0.11 | 0.34 |
| Best 30 days (past year) | +34.3% | +60.8% |
| Worst 30 days (past year) | -41.2% | -43.0% |
Relative strength over 90 days: AVAX outperformed DOGE by 16.0% — measured on the DOGE/AVAX ratio, so it holds regardless of market direction.