Ape and Pepe (APEPE) is 3944.6× the size of Peepo (PEPO) by market capitalisation. Their daily returns move barely together (correlation 0.13 across 36 shared trading days). PEPO has been the more volatile of the two, at 126% annualised against APEPE's 91%.
PEPOAPEPE
0.13over 36 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 | PEPO | APEPE |
|---|---|---|
| Max drawdown (400d) | -79.7% | -24.0% |
| Risk-adjusted return (90d) | -0.10 | 0.31 |
Relative strength over 90 days: APEPE outperformed PEPO by 20.7% — measured on the PEPO/APEPE ratio, so it holds regardless of market direction.