Shiba Inu (SHIB) is 37835.7× the size of Hoppy Token (HOPPY) by market capitalisation. Their daily returns move loosely together (correlation 0.59 across 161 shared trading days). HOPPY has been the more volatile of the two, at 137% annualised against SHIB's 69%.
HOPPYSHIB
0.59over 161 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 | HOPPY | SHIB |
|---|---|---|
| Max drawdown (400d) | -70.7% | -68.0% |
| Risk-adjusted return (90d) | -0.41 | 0.01 |
| Best 30 days (past year) | — | +39.1% |
| Worst 30 days (past year) | — | -38.4% |
Relative strength over 90 days: SHIB outperformed HOPPY by 36.9% — measured on the HOPPY/SHIB ratio, so it holds regardless of market direction.