Pepe (PEPE) is 92445.0× the size of Joe Hat (HAT) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.08 across 22 shared trading days). PEPE has been the more volatile of the two, at 102% annualised against HAT's 77%.
HATPEPE
-0.08over 22 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 | HAT | PEPE |
|---|---|---|
| Max drawdown (400d) | -21.0% | -77.2% |
| Risk-adjusted return (90d) | -0.17 | 0.65 |
| Best 30 days (past year) | — | +63.5% |
| Worst 30 days (past year) | — | -48.9% |
Relative strength over 90 days: PEPE outperformed HAT by 20.6% — measured on the HAT/PEPE ratio, so it holds regardless of market direction.