Aave (AAVE) is 212.5× the size of EVAA Protocol (EVAA) by market capitalisation. Over the past 1 year, AAVE is ahead by 25.3 percentage points (EVAA -61.7% against AAVE -36.3%). Their daily returns move barely together (correlation 0.18 across 371 shared trading days). EVAA has been the more volatile of the two, at 325% annualised against AAVE's 87%.
EVAAAAVE
0.18over 371 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 | EVAA | AAVE |
|---|---|---|
| Max drawdown (400d) | -97.6% | -79.5% |
| Risk-adjusted return (90d) | -0.14 | 0.46 |
| Best 30 days (past year) | +694.1% | +56.3% |
| Worst 30 days (past year) | -91.0% | -42.7% |
Relative strength over 90 days: AAVE outperformed EVAA by 56.1% — measured on the EVAA/AAVE ratio, so it holds regardless of market direction.