Ape and Pepe (APEPE) is 9535.4× the size of LEGEND (LEGEND) by market capitalisation. Their daily returns move barely together (correlation 0.03 across 34 shared trading days). LEGEND has been the more volatile of the two, at 336% annualised against APEPE's 91%.
LEGENDAPEPE
0.03over 34 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 | LEGEND | APEPE |
|---|---|---|
| Max drawdown (400d) | -64.5% | -24.0% |
| Risk-adjusted return (90d) | -0.05 | 0.31 |
Relative strength over 90 days: APEPE outperformed LEGEND by 36.5% — measured on the LEGEND/APEPE ratio, so it holds regardless of market direction.