Pepe (PEPE) is 68699.8× the size of OnChain Pepe 404 (OCP404) by market capitalisation. Their daily returns move barely together (correlation 0.11 across 86 shared trading days). OCP404 has been the more volatile of the two, at 766% annualised against PEPE's 102%.
OCP404PEPE
0.11over 86 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 | OCP404 | PEPE |
|---|---|---|
| Max drawdown (400d) | -77.8% | -77.2% |
| Risk-adjusted return (90d) | -0.05 | 0.71 |
| Best 30 days (past year) | — | +63.5% |
| Worst 30 days (past year) | — | -48.9% |
Relative strength over 90 days: OCP404 outperformed PEPE by 27.6% — measured on the OCP404/PEPE ratio, so it holds regardless of market direction.