Shiba Inu (SHIB) is 18089163.8× the size of Nelore Coin (NLC) by market capitalisation. Their daily returns move barely together (correlation 0.29 across 28 shared trading days). SHIB has been the more volatile of the two, at 69% annualised against NLC's 48%.
NLCSHIB
0.29over 28 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 | NLC | SHIB |
|---|---|---|
| Max drawdown (400d) | -24.4% | -68.0% |
| Risk-adjusted return (90d) | -0.40 | 0.01 |
| Best 30 days (past year) | — | +39.1% |
| Worst 30 days (past year) | — | -38.4% |
Relative strength over 90 days: SHIB outperformed NLC by 1.3% — measured on the NLC/SHIB ratio, so it holds regardless of market direction.