dogwifhat (WIF) is 520.4× the size of First Convicted RACCON (FRED) by market capitalisation. Their daily returns move closely together (correlation 0.71 across 39 shared trading days). FRED has been the more volatile of the two, at 188% annualised against WIF's 104%.
FREDWIF
0.71over 39 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 | FRED | WIF |
|---|---|---|
| Max drawdown (400d) | -40.8% | -83.1% |
| Risk-adjusted return (90d) | -0.12 | 0.21 |
| Best 30 days (past year) | — | +57.5% |
| Worst 30 days (past year) | — | -50.5% |
Relative strength over 90 days: WIF outperformed FRED by 12.3% — measured on the FRED/WIF ratio, so it holds regardless of market direction.