Uniswap (UNI) is 140.7× the size of APEX (APEX) by market capitalisation. Their daily returns move loosely together (correlation 0.48 across 52 shared trading days). APEX has been the more volatile of the two, at 133% annualised against UNI's 101%.
APEXUNI
0.48over 52 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 | APEX | UNI |
|---|---|---|
| Max drawdown (400d) | -32.7% | -74.4% |
| Risk-adjusted return (90d) | -0.11 | 0.73 |
| Best 30 days (past year) | — | +143.9% |
| Worst 30 days (past year) | — | -47.8% |
Relative strength over 90 days: UNI outperformed APEX by 49.1% — measured on the APEX/UNI ratio, so it holds regardless of market direction.