dogwifhat (WIF) is 155.5× the size of The Spirit of Gambling (TOKABU) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.10 across 39 shared trading days). TOKABU has been the more volatile of the two, at 151% annualised against WIF's 104%.
$0.001151
TOKABUWIF
-0.10over 39 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 | TOKABU | WIF |
|---|---|---|
| Max drawdown (400d) | -45.7% | -83.1% |
| Risk-adjusted return (90d) | -0.29 | 0.22 |
| Best 30 days (past year) | — | +57.5% |
| Worst 30 days (past year) | — | -50.5% |
Relative strength over 90 days: WIF outperformed TOKABU by 35.4% — measured on the TOKABU/WIF ratio, so it holds regardless of market direction.