Aerodrome Finance (AERO) is 285.1× the size of Beatswap (BTX) by market capitalisation. Their daily returns move closely together (correlation 0.65 across 36 shared trading days). BTX has been the more volatile of the two, at 287% annualised against AERO's 101%.
BTXAERO
0.65over 36 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 | BTX | AERO |
|---|---|---|
| Max drawdown (400d) | -89.1% | -36.4% |
| Risk-adjusted return (90d) | -0.31 | 0.42 |
Relative strength over 90 days: AERO outperformed BTX by 91.6% — measured on the BTX/AERO ratio, so it holds regardless of market direction.