dogwifhat (WIF) is 75039.9× the size of Moon Moon (MOON) by market capitalisation. Their daily returns move loosely together (correlation 0.52 across 155 shared trading days). MOON has been the more volatile of the two, at 149% annualised against WIF's 104%.
MOONWIF
0.52over 155 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 | MOON | WIF |
|---|---|---|
| Max drawdown (400d) | -85.4% | -83.1% |
| Risk-adjusted return (90d) | -0.24 | 0.21 |
| Best 30 days (past year) | — | +57.5% |
| Worst 30 days (past year) | — | -50.5% |
Relative strength over 90 days: MOON outperformed WIF by 10.3% — measured on the MOON/WIF ratio, so it holds regardless of market direction.