Dogecoin (DOGE) is 59651.7× the size of Gondola (GONDOLA) by market capitalisation. Their daily returns move barely together (correlation 0.31 across 33 shared trading days). GONDOLA has been the more volatile of the two, at 114% annualised against DOGE's 70%.
GONDOLADOGE
0.31over 33 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 | GONDOLA | DOGE |
|---|---|---|
| Max drawdown (400d) | -10.4% | -74.0% |
| Risk-adjusted return (90d) | 0.99 | 0.17 |
| Best 30 days (past year) | — | +34.3% |
| Worst 30 days (past year) | — | -41.2% |
Relative strength over 90 days: GONDOLA outperformed DOGE by 160.6% — measured on the GONDOLA/DOGE ratio, so it holds regardless of market direction.