Ethereum (ETH) is 62.8× the size of Uniswap (UNI) by market capitalisation. Over the past 1 year, UNI is ahead by 75.8 percentage points (ETH -36.9% against UNI +38.9%). Their daily returns move closely together (correlation 0.62 across 399 shared trading days). UNI has been the more volatile of the two, at 101% annualised against ETH's 62%.
ETHUNI
0.62over 399 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 | ETH | UNI |
|---|---|---|
| Max drawdown (400d) | -66.5% | -74.4% |
| Risk-adjusted return (90d) | 0.36 | 0.73 |
| Best 30 days (past year) | +34.1% | +143.9% |
| Worst 30 days (past year) | -44.6% | -47.8% |
Relative strength over 90 days: UNI outperformed ETH by 33.2% — measured on the ETH/UNI ratio, so it holds regardless of market direction.