Uniswap (UNI) is 31319.1× the size of Elk Finance (ELK) by market capitalisation. Their daily returns move loosely together (correlation 0.49 across 188 shared trading days). UNI has been the more volatile of the two, at 101% annualised against ELK's 75%.
ELKUNI
0.49over 188 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 | ELK | UNI |
|---|---|---|
| Max drawdown (400d) | -54.0% | -74.4% |
| Risk-adjusted return (90d) | -0.19 | 0.83 |
| Best 30 days (past year) | — | +143.9% |
| Worst 30 days (past year) | — | -47.8% |
Relative strength over 90 days: UNI outperformed ELK by 64.8% — measured on the ELK/UNI ratio, so it holds regardless of market direction.