Pepe (PEPE) is 25061.5× the size of Smudge Lord (SMUDGE) by market capitalisation. Their daily returns move closely together (correlation 0.72 across 68 shared trading days). SMUDGE has been the more volatile of the two, at 157% annualised against PEPE's 102%.
SMUDGEPEPE
0.72over 68 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 | SMUDGE | PEPE |
|---|---|---|
| Max drawdown (400d) | -74.2% | -77.2% |
| Risk-adjusted return (90d) | -0.39 | 0.71 |
| Best 30 days (past year) | — | +63.5% |
| Worst 30 days (past year) | — | -48.9% |
Relative strength over 90 days: PEPE outperformed SMUDGE by 20.4% — measured on the SMUDGE/PEPE ratio, so it holds regardless of market direction.