dogwifhat (WIF) is 842.9× the size of Dogecoin20 (DOGE20) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.19 across 33 shared trading days). WIF has been the more volatile of the two, at 104% annualised against DOGE20's 75%.
DOGE20WIF
-0.19over 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 | DOGE20 | WIF |
|---|---|---|
| Max drawdown (400d) | -14.0% | -83.1% |
| Risk-adjusted return (90d) | 0.07 | 0.21 |
| Best 30 days (past year) | — | +57.5% |
| Worst 30 days (past year) | — | -50.5% |
Relative strength over 90 days: DOGE20 outperformed WIF by 53.4% — measured on the DOGE20/WIF ratio, so it holds regardless of market direction.