Popcat (POPCAT) is 55.9× the size of hehe (HEHE) by market capitalisation. Over the past 30 days, HEHE is ahead by 5.2 percentage points (HEHE -11.6% against POPCAT -16.8%). Their daily returns move loosely together (correlation 0.50 across 32 shared trading days). Both have run at a similar volatility, around 105% annualised.
HEHEPOPCAT
0.50over 32 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 | HEHE | POPCAT |
|---|---|---|
| Max drawdown (400d) | -23.6% | -35.5% |
| Risk-adjusted return (90d) | -0.10 | -0.13 |
Relative strength over 90 days: HEHE outperformed POPCAT by 17.5% — measured on the HEHE/POPCAT ratio, so it holds regardless of market direction.