Uniswap (UNI) is 1777.9× the size of Frax Price Index Share (FPIS) by market capitalisation. Their daily returns move barely together (correlation 0.11 across 34 shared trading days). UNI has been the more volatile of the two, at 101% annualised against FPIS's 16%.
FPISUNI
0.11over 34 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 | FPIS | UNI |
|---|---|---|
| Max drawdown (400d) | -8.0% | -74.4% |
| Risk-adjusted return (90d) | -0.40 | 0.73 |
| Best 30 days (past year) | — | +143.9% |
| Worst 30 days (past year) | — | -47.8% |
Relative strength over 90 days: FPIS outperformed UNI by 25.6% — measured on the FPIS/UNI ratio, so it holds regardless of market direction.