I'm attempting to come up with a statistical model to determine the p-value for the similarity value $ 0 \le s \le 1 $ of two DNA contigs. The idea is to get a numerical measure to estimate if two contigs are homologous.
I want to account for base composition (and/or other structural features) if possible, but not necessarily because I might want to do the analysis only from the information about the length of the sequences/contigs and largest overlaps. Maybe something inspired from other statistical significance in bioinformatics .
Assume we have two DNA sequences: $a$ and $b$ with the basepair lengths $a_{\text{len}}$, $b_{\text{len}}$. Their overlap $o_{a-b}$ is the number of contiguous bases that appears in both sequences. If we define the similarity $s = \frac{o_{a-b}}{\min{(a_{\text{len}}, b_{\text{len}})}}$ how can we define a p-value for $s$?