MemeCore (M) is 67.3× the size of Fogo (FOGO) by market capitalisation. Their daily returns move barely together (correlation 0.24 across 58 shared trading days). Both have run at a similar volatility, around 110% annualised.
FOGOM
0.24over 58 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 | FOGO | M |
|---|---|---|
| Max drawdown (400d) | -95.2% | -41.1% |
| Risk-adjusted return (90d) | -0.74 | -0.23 |
Relative strength over 90 days: M outperformed FOGO by 63.6% — measured on the FOGO/M ratio, so it holds regardless of market direction.