Uniswap (UNI) is 51853.7× the size of Carbon Browser (CSIX) by market capitalisation. Their daily returns move loosely in opposite directions (correlation -0.40 across 26 shared trading days). CSIX has been the more volatile of the two, at 923% annualised against UNI's 101%.
CSIXUNI
-0.40over 26 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 | CSIX | UNI |
|---|---|---|
| Max drawdown (400d) | -94.2% | -74.4% |
| Risk-adjusted return (90d) | -0.08 | 0.83 |
| Best 30 days (past year) | — | +143.9% |
| Worst 30 days (past year) | — | -47.8% |
Relative strength over 90 days: UNI outperformed CSIX by 85.1% — measured on the CSIX/UNI ratio, so it holds regardless of market direction.