dogwifhat (WIF) is 46.4× the size of The Bitcoin Bull (TBB) by market capitalisation. Their daily returns move barely together (correlation 0.18 across 41 shared trading days). TBB has been the more volatile of the two, at 198% annualised against WIF's 104%.
TBBWIF
0.18over 41 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 | TBB | WIF |
|---|---|---|
| Max drawdown (400d) | -71.4% | -83.1% |
| Risk-adjusted return (90d) | -0.30 | 0.22 |
| Best 30 days (past year) | — | +57.5% |
| Worst 30 days (past year) | — | -50.5% |
Relative strength over 90 days: WIF outperformed TBB by 51.4% — measured on the TBB/WIF ratio, so it holds regardless of market direction.