Aave (AAVE) is 32903.5× the size of Dego Finance (DEGO) by market capitalisation. Their daily returns move closely together (correlation 0.65 across 210 shared trading days). DEGO has been the more volatile of the two, at 467% annualised against AAVE's 87%.
DEGOAAVE
0.65over 210 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 | DEGO | AAVE |
|---|---|---|
| Max drawdown (400d) | -98.9% | -79.5% |
| Risk-adjusted return (90d) | -0.11 | 0.46 |
| Best 30 days (past year) | — | +56.3% |
| Worst 30 days (past year) | — | -42.7% |
Relative strength over 90 days: AAVE outperformed DEGO by 74.8% — measured on the DEGO/AAVE ratio, so it holds regardless of market direction.