Bonk (BONK) is 40677.1× the size of Watercoin (WATER) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.10 across 20 shared trading days). WATER has been the more volatile of the two, at 1551% annualised against BONK's 100%.
WATERBONK
-0.10over 20 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 | WATER | BONK |
|---|---|---|
| Max drawdown (400d) | -69.9% | -89.7% |
| Risk-adjusted return (90d) | — | 0.09 |
| Best 30 days (past year) | — | +37.0% |
| Worst 30 days (past year) | — | -51.0% |
Relative strength over 90 days: WATER outperformed BONK by 182.4% — measured on the WATER/BONK ratio, so it holds regardless of market direction.