Cookie DAO (COOKIE) is 35.8× the size of Exchange Request for Bitbon (ERBB) by market capitalisation. Their daily returns move loosely in opposite directions (correlation -0.50 across 35 shared trading days). COOKIE has been the more volatile of the two, at 117% annualised against ERBB's 37%.
$0.662074
ERBBCOOKIE
-0.50over 35 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 | ERBB | COOKIE |
|---|---|---|
| Max drawdown (400d) | -6.6% | -94.4% |
| Risk-adjusted return (90d) | 0.04 | -0.12 |
| Best 30 days (past year) | — | +69.3% |
| Worst 30 days (past year) | — | -61.7% |
Relative strength over 90 days: ERBB outperformed COOKIE by 54.3% — measured on the ERBB/COOKIE ratio, so it holds regardless of market direction.