yearn.finance (YFI) is 1427.3× the size of APY.Finance (APY) by market capitalisation. Their daily returns move loosely together (correlation 0.53 across 189 shared trading days). YFI has been the more volatile of the two, at 76% annualised against APY's 60%.
APYYFI
0.53over 189 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 | APY | YFI |
|---|---|---|
| Max drawdown (400d) | -36.6% | -70.8% |
| Risk-adjusted return (90d) | 0.56 | -0.03 |
| Best 30 days (past year) | — | +52.0% |
| Worst 30 days (past year) | — | -35.3% |
Relative strength over 90 days: APY outperformed YFI by 25.7% — measured on the APY/YFI ratio, so it holds regardless of market direction.