Dogecoin (DOGE) is 24927.3× the size of HotDoge [OLD] (HOTDOGE) by market capitalisation. Their daily returns move loosely together (correlation 0.57 across 23 shared trading days). HOTDOGE has been the more volatile of the two, at 83% annualised against DOGE's 70%.
HOTDOGEDOGE
0.57over 23 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 | HOTDOGE | DOGE |
|---|---|---|
| Max drawdown (400d) | -17.4% | -74.0% |
| Risk-adjusted return (90d) | -0.10 | 0.17 |
| Best 30 days (past year) | — | +34.3% |
| Worst 30 days (past year) | — | -41.2% |
Relative strength over 90 days: HOTDOGE outperformed DOGE by 12.6% — measured on the HOTDOGE/DOGE ratio, so it holds regardless of market direction.