Aerodrome Finance (AERO) is 13.4× the size of Adshares (ADS) by market capitalisation. Their daily returns move loosely together (correlation 0.45 across 42 shared trading days). AERO has been the more volatile of the two, at 101% annualised against ADS's 37%.
ADSAERO
0.45over 42 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 | ADS | AERO |
|---|---|---|
| Max drawdown (400d) | -12.0% | -36.4% |
| Risk-adjusted return (90d) | -0.08 | 0.42 |
Relative strength over 90 days: AERO outperformed ADS by 24.9% — measured on the ADS/AERO ratio, so it holds regardless of market direction.