MemeCore (M) is 267.3× the size of Fuel Network (FUEL) by market capitalisation. Their daily returns move barely together (correlation 0.32 across 40 shared trading days). M has been the more volatile of the two, at 108% annualised against FUEL's 70%.
FUELM
0.32over 40 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 | FUEL | M |
|---|---|---|
| Max drawdown (400d) | -22.3% | -41.1% |
| Risk-adjusted return (90d) | 0.01 | -0.25 |
Relative strength over 90 days: FUEL outperformed M by 14.4% — measured on the FUEL/M ratio, so it holds regardless of market direction.