Shiba Inu (SHIB) is 106349.3× the size of Ethereum Doge (EDOGE) by market capitalisation. Their daily returns move loosely together (correlation 0.43 across 148 shared trading days). EDOGE has been the more volatile of the two, at 222% annualised against SHIB's 69%.
EDOGESHIB
0.43over 148 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 | EDOGE | SHIB |
|---|---|---|
| Max drawdown (400d) | -76.1% | -68.0% |
| Risk-adjusted return (90d) | -0.27 | 0.01 |
| Best 30 days (past year) | — | +39.1% |
| Worst 30 days (past year) | — | -38.4% |
Relative strength over 90 days: SHIB outperformed EDOGE by 47.6% — measured on the EDOGE/SHIB ratio, so it holds regardless of market direction.