dogwifhat (WIF) is 1567.4× the size of ELLA (ELLA) by market capitalisation. Their daily returns move loosely together (correlation 0.44 across 180 shared trading days). ELLA has been the more volatile of the two, at 176% annualised against WIF's 104%.
ELLAWIF
0.44over 180 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 | ELLA | WIF |
|---|---|---|
| Max drawdown (400d) | -94.1% | -83.1% |
| Risk-adjusted return (90d) | -0.40 | 0.21 |
| Best 30 days (past year) | — | +57.5% |
| Worst 30 days (past year) | — | -50.5% |
Relative strength over 90 days: WIF outperformed ELLA by 79.1% — measured on the ELLA/WIF ratio, so it holds regardless of market direction.