cat in a dogs world (MEW) is 705.5× the size of pupfun (PUP) by market capitalisation. Their daily returns move loosely together (correlation 0.50 across 40 shared trading days). PUP has been the more volatile of the two, at 803% annualised against MEW's 98%.
PUPMEW
0.50over 40 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 | PUP | MEW |
|---|---|---|
| Max drawdown (400d) | -87.9% | -24.8% |
| Risk-adjusted return (90d) | -0.51 | -0.09 |
Relative strength over 90 days: MEW outperformed PUP by 34.5% — measured on the PUP/MEW ratio, so it holds regardless of market direction.