Dogecoin (DOGE) is 44846.5× the size of Hedgy the hedgehog (HEDGY) by market capitalisation. Their daily returns move loosely together (correlation 0.54 across 30 shared trading days). HEDGY has been the more volatile of the two, at 212% annualised against DOGE's 70%.
HEDGYDOGE
0.54over 30 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 | HEDGY | DOGE |
|---|---|---|
| Max drawdown (400d) | -41.8% | -74.0% |
| Risk-adjusted return (90d) | 0.22 | 0.17 |
| Best 30 days (past year) | — | +34.3% |
| Worst 30 days (past year) | — | -41.2% |
Relative strength over 90 days: HEDGY outperformed DOGE by 79.8% — measured on the HEDGY/DOGE ratio, so it holds regardless of market direction.