catwifhat ($CWIF) is 779.3× the size of Funless (FUNLESS) by market capitalisation. Their daily returns move loosely together (correlation 0.45 across 41 shared trading days). $CWIF has been the more volatile of the two, at 135% annualised against FUNLESS's 75%.
FUNLESS$CWIF
0.45over 41 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 | FUNLESS | $CWIF |
|---|---|---|
| Max drawdown (400d) | -71.3% | -51.0% |
| Risk-adjusted return (90d) | -0.37 | -0.38 |
Relative strength over 90 days: FUNLESS outperformed $CWIF by 54.6% — measured on the FUNLESS/$CWIF ratio, so it holds regardless of market direction.