Aave (AAVE) is 459.0× the size of CoinMarketCap 20 Index DTF (CMC20) by market capitalisation. Over the past 1 year, CMC20 is ahead by 18.5 percentage points (CMC20 -17.9% against AAVE -36.3%). Their daily returns move closely together (correlation 0.68 across 324 shared trading days). AAVE has been the more volatile of the two, at 87% annualised against CMC20's 48%.
$156.1000
CMC20AAVE
0.68over 324 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 | CMC20 | AAVE |
|---|---|---|
| Max drawdown (400d) | -42.1% | -79.5% |
| Risk-adjusted return (90d) | 0.50 | 0.46 |
| Best 30 days (past year) | — | +56.3% |
| Worst 30 days (past year) | — | -42.7% |
Relative strength over 90 days: AAVE outperformed CMC20 by 7.6% — measured on the CMC20/AAVE ratio, so it holds regardless of market direction.