Dogecoin (DOGE) is 536340.8× the size of Shiba Inu Empire (SHIBEMP) by market capitalisation. Their daily returns move closely together (correlation 0.66 across 118 shared trading days). SHIBEMP has been the more volatile of the two, at 95% annualised against DOGE's 70%.
SHIBEMPDOGE
0.66over 118 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 | SHIBEMP | DOGE |
|---|---|---|
| Max drawdown (400d) | -71.7% | -74.0% |
| Risk-adjusted return (90d) | -0.52 | 0.03 |
| Best 30 days (past year) | — | +34.3% |
| Worst 30 days (past year) | — | -41.2% |
Relative strength over 90 days: SHIBEMP outperformed DOGE by 16.4% — measured on the SHIBEMP/DOGE ratio, so it holds regardless of market direction.