Maybe I'm missing something, but I can't seem to find any references to my exact question. If two metrics, $d_1(x,y)$ and $d_2(x,y)$ are strongly equivalent, then there exists two positive constants, $\alpha, \beta$, such that
$$\alpha d_1(x,y) \leq d_2(x,y) \leq \beta d_1(x,y).$$
My question is: if one metric is complete, must the other be complete as well? I suspect no, but I haven't seen any explicit counterexamples.
Conversely, if you have one metric that is complete, and another metric that is not, does this imply that the two cannot be strongly equivalent?
Let $X_i = (X,d_i)$. Assume without loss that $X_1$ is complete and let $\{x_n\}$ be a Cauchy sequence in $X_2$, i.e. for every $\epsilon >0$ there is $N$ such that for $n,m \ge N$ we have $d_2(x_n,x_m) \le \epsilon$. If we now apply the inequality that we assumed on the distance functions we get $$d_1(x_n,x_m) \le \frac{1}{\alpha}d_2(x_n,x_m) \le \frac{1}{\alpha}\epsilon.$$ This shows that $\{x_n\}$ is a Cauchy sequence in the complete metric space $X_1$, hence it admits a limit $x \in X$, or in other words for every $\eta > 0$ there is $M$ such that if $n \ge M$ then $$d_1(x,x_n) \le \eta.$$We can finally apply the other branch of the inequality to show that the sequence $\{x_n\}$ converges to $x$ with respect to $d_2$ as well. Indeed for $n\ge M$ we have $$d_2(x,x_n) \le \beta d_1(x,x_n) \le \beta\eta.$$ This proves that every Cauchy sequence in $X_2$ is convergent, which by definition gives the completeness of $X_2$.$\blacksquare$
As I am writing this I have noticed that Daniel Fischer has already posted an answer. I am going to post mine anyway since I think it offers a slightly different point of view.