Fartcoin (FARTCOIN) is 5007.7× the size of Perpetual Cow (COW) by market capitalisation. Their daily returns move very closely together (correlation 0.90 across 22 shared trading days). COW has been the more volatile of the two, at 180% annualised against FARTCOIN's 155%.
COWFARTCOIN
0.90over 22 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 | COW | FARTCOIN |
|---|---|---|
| Max drawdown (400d) | -99.4% | -47.4% |
| Risk-adjusted return (90d) | -0.58 | -0.13 |
Relative strength over 90 days: COW outperformed FARTCOIN by 72.5% — measured on the COW/FARTCOIN ratio, so it holds regardless of market direction.