Dogs (DOGS) is 179.6× the size of Tony from TON (TONY) by market capitalisation. Their daily returns move barely together (correlation 0.28 across 32 shared trading days). TONY has been the more volatile of the two, at 163% annualised against DOGS's 130%.
TONYDOGS
0.28over 32 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 | TONY | DOGS |
|---|---|---|
| Max drawdown (400d) | -49.5% | -80.2% |
| Risk-adjusted return (90d) | -0.30 | -0.12 |
| Best 30 days (past year) | — | +210.1% |
| Worst 30 days (past year) | — | -54.4% |
Relative strength over 90 days: DOGS outperformed TONY by 23.9% — measured on the TONY/DOGS ratio, so it holds regardless of market direction.