dogwifhat (WIF) is 29149.1× the size of PaceTerminal (PACE) by market capitalisation. Their daily returns move barely together (correlation 0.10 across 24 shared trading days). PACE has been the more volatile of the two, at 519% annualised against WIF's 105%.
PACEWIF
0.10over 24 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 | PACE | WIF |
|---|---|---|
| Max drawdown (400d) | -48.2% | -83.1% |
| Risk-adjusted return (90d) | -0.04 | 0.17 |
| Best 30 days (past year) | — | +57.5% |
| Worst 30 days (past year) | — | -50.5% |
Relative strength over 90 days: PACE outperformed WIF by 22.9% — measured on the PACE/WIF ratio, so it holds regardless of market direction.