MEME HORSE (MHORSE) is 814.1× the size of 火蝴蝶 (火蝴蝶) by market capitalisation. Their daily returns move barely together (correlation 0.16 across 38 shared trading days). 火蝴蝶 has been the more volatile of the two, at 193% annualised against MHORSE's 110%.
火蝴蝶MHORSE
0.16over 38 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 | 火蝴蝶 | MHORSE |
|---|---|---|
| Max drawdown (400d) | -97.4% | -44.4% |
| Risk-adjusted return (90d) | 0.15 | -0.30 |
Relative strength over 90 days: 火蝴蝶 outperformed MHORSE by 61.9% — measured on the 火蝴蝶/MHORSE ratio, so it holds regardless of market direction.