Pepe (PEPE) is 87608.5× the size of Pipi on ETH (PIPI) by market capitalisation. Their daily returns move loosely together (correlation 0.51 across 92 shared trading days). PIPI has been the more volatile of the two, at 137% annualised against PEPE's 102%.
PIPIPEPE
0.51over 92 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 | PIPI | PEPE |
|---|---|---|
| Max drawdown (400d) | -73.2% | -77.2% |
| Risk-adjusted return (90d) | -0.45 | 0.65 |
| Best 30 days (past year) | — | +63.5% |
| Worst 30 days (past year) | — | -48.9% |
Relative strength over 90 days: PEPE outperformed PIPI by 12.5% — measured on the PIPI/PEPE ratio, so it holds regardless of market direction.