Uniswap (UNI) is 463.5× the size of Bella Protocol (BEL) by market capitalisation. Over the past 1 year, UNI is ahead by 87.8 percentage points (BEL -48.9% against UNI +38.9%). Their daily returns move barely together (correlation 0.35 across 399 shared trading days). BEL has been the more volatile of the two, at 120% annualised against UNI's 101%.
BELUNI
0.35over 399 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 | BEL | UNI |
|---|---|---|
| Max drawdown (400d) | -75.6% | -74.4% |
| Risk-adjusted return (90d) | -0.03 | 0.73 |
| Best 30 days (past year) | +98.4% | +143.9% |
| Worst 30 days (past year) | -47.8% | -47.8% |
Relative strength over 90 days: UNI outperformed BEL by 45.0% — measured on the BEL/UNI ratio, so it holds regardless of market direction.