Popcat (POPCAT) is 375.8× the size of Meow (MEOW) by market capitalisation. Over the past 30 days, POPCAT is ahead by 14.8 percentage points (MEOW -30.6% against POPCAT -15.8%). Their daily returns move barely together (correlation 0.04 across 20 shared trading days). Both have run at a similar volatility, around 96% annualised.
MEOWPOPCAT
0.04over 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 | MEOW | POPCAT |
|---|---|---|
| Max drawdown (400d) | -36.5% | -35.5% |
| Risk-adjusted return (90d) | -0.35 | -0.13 |
Relative strength over 90 days: MEOW outperformed POPCAT by 8.8% — measured on the MEOW/POPCAT ratio, so it holds regardless of market direction.