Uniswap (UNI) is 108482.8× the size of BeFi Labs (BEFI) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.11 across 188 shared trading days). BEFI has been the more volatile of the two, at 141% annualised against UNI's 101%.
BEFIUNI
-0.11over 188 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 | BEFI | UNI |
|---|---|---|
| Max drawdown (400d) | -88.2% | -74.4% |
| Risk-adjusted return (90d) | -0.45 | 0.83 |
| Best 30 days (past year) | — | +143.9% |
| Worst 30 days (past year) | — | -47.8% |
Relative strength over 90 days: UNI outperformed BEFI by 93.6% — measured on the BEFI/UNI ratio, so it holds regardless of market direction.