Uniswap (UNI) is 5757.1× the size of Blackhole (BLACK) by market capitalisation. Their daily returns move loosely together (correlation 0.51 across 39 shared trading days). BLACK has been the more volatile of the two, at 220% annualised against UNI's 101%.
BLACKUNI
0.51over 39 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 | BLACK | UNI |
|---|---|---|
| Max drawdown (400d) | -60.2% | -74.4% |
| Risk-adjusted return (90d) | 0.07 | 0.73 |
| Best 30 days (past year) | — | +143.9% |
| Worst 30 days (past year) | — | -47.8% |
Relative strength over 90 days: UNI outperformed BLACK by 16.0% — measured on the BLACK/UNI ratio, so it holds regardless of market direction.