Baby Doge Coin (BABYDOGE) is 1488.8× the size of Melon Dog (MELON) by market capitalisation. Their daily returns move barely together (correlation 0.19 across 20 shared trading days). MELON has been the more volatile of the two, at 69% annualised against BABYDOGE's 48%.
MELONBABYDOGE
0.19over 20 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 | MELON | BABYDOGE |
|---|---|---|
| Max drawdown (400d) | -25.3% | -15.5% |
| Risk-adjusted return (90d) | -0.28 | -0.27 |
Relative strength over 90 days: MELON outperformed BABYDOGE by 0.7% — measured on the MELON/BABYDOGE ratio, so it holds regardless of market direction.