Ape and Pepe (APEPE) is 8794.9× the size of PEPi (PEPI) by market capitalisation. Their daily returns move barely together (correlation 0.16 across 31 shared trading days). PEPI has been the more volatile of the two, at 642% annualised against APEPE's 92%.
PEPIAPEPE
0.16over 31 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 | PEPI | APEPE |
|---|---|---|
| Max drawdown (400d) | -97.7% | -24.0% |
| Risk-adjusted return (90d) | -0.32 | 0.31 |
Relative strength over 90 days: APEPE outperformed PEPI by 60.5% — measured on the PEPI/APEPE ratio, so it holds regardless of market direction.