Dogecoin (DOGE) is 4.2× the size of Shiba Inu (SHIB) by market capitalisation. Over the past 1 year, SHIB is ahead by 4.8 percentage points (SHIB -55.1% against DOGE -59.9%). Their daily returns move very closely together (correlation 0.87 across 399 shared trading days). Both have run at a similar volatility, around 70% annualised.
SHIBDOGE
0.87over 399 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 | SHIB | DOGE |
|---|---|---|
| Max drawdown (400d) | -68.0% | -74.0% |
| Risk-adjusted return (90d) | -0.04 | 0.05 |
| Best 30 days (past year) | +39.1% | +34.3% |
| Worst 30 days (past year) | -38.4% | -41.2% |
Relative strength over 90 days: DOGE outperformed SHIB by 5.7% — measured on the SHIB/DOGE ratio, so it holds regardless of market direction.