Pepe (PEPE) is 133331.5× the size of Moaner Melter Slime (MOANER) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.20 across 22 shared trading days). PEPE has been the more volatile of the two, at 102% annualised against MOANER's 61%.
MOANERPEPE
-0.20over 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 | MOANER | PEPE |
|---|---|---|
| Max drawdown (400d) | -16.2% | -77.2% |
| Risk-adjusted return (90d) | -0.14 | 0.71 |
| Best 30 days (past year) | — | +63.5% |
| Worst 30 days (past year) | — | -48.9% |
Relative strength over 90 days: PEPE outperformed MOANER by 18.2% — measured on the MOANER/PEPE ratio, so it holds regardless of market direction.