CloudBank (COD) and Uniswap (UNI) compared side by side. Their daily returns move barely in opposite directions (correlation -0.15 across 27 shared trading days). COD has been the more volatile of the two, at 134% annualised against UNI's 101%.
CODUNI
-0.15over 27 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 | COD | UNI |
|---|---|---|
| Max drawdown (400d) | -52.5% | -74.4% |
| Risk-adjusted return (90d) | -0.39 | 0.72 |
| Best 30 days (past year) | — | +143.9% |
| Worst 30 days (past year) | — | -47.8% |
Relative strength over 90 days: UNI outperformed COD by 39.8% — measured on the COD/UNI ratio, so it holds regardless of market direction.