Uniswap (UNI) is 889.2× the size of DAO Maker (DAO) by market capitalisation. Over the past 1 year, UNI is ahead by 130.7 percentage points (DAO -80.4% against UNI +50.3%). Their daily returns move barely together (correlation 0.21 across 373 shared trading days). DAO has been the more volatile of the two, at 145% annualised against UNI's 101%.
DAOUNI
0.21over 373 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 | DAO | UNI |
|---|---|---|
| Max drawdown (400d) | -83.6% | -74.4% |
| Risk-adjusted return (90d) | -0.27 | 0.83 |
| Best 30 days (past year) | +159.9% | +143.9% |
| Worst 30 days (past year) | -51.9% | -47.8% |
Relative strength over 90 days: UNI outperformed DAO by 64.2% — measured on the DAO/UNI ratio, so it holds regardless of market direction.