Toshi (TOSHI) is 1455.8× the size of Hotdog (HOTDOG) by market capitalisation. Their daily returns move loosely together (correlation 0.45 across 29 shared trading days). Both have run at a similar volatility, around 83% annualised.
HOTDOGTOSHI
0.45over 29 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 | HOTDOG | TOSHI |
|---|---|---|
| Max drawdown (400d) | -48.5% | -24.2% |
| Risk-adjusted return (90d) | 0.14 | -0.08 |
Relative strength over 90 days: TOSHI outperformed HOTDOG by 1.0% — measured on the HOTDOG/TOSHI ratio, so it holds regardless of market direction.