GammaSwap vs Derive

Derive (DRV) is 422.0× the size of GammaSwap (GS) by market capitalisation. Over the past 30 days, DRV is ahead by 160.6 percentage points (GS -24.1% against DRV +136.5%). Their daily returns move barely together (correlation 0.10 across 30 shared trading days). DRV has been the more volatile of the two, at 590% annualised against GS's 78%.

Correlation: 0.10
Size ratio: 1 : 422.0
Ahead over 30 days: DRV

GammaSwapGS

$0.002196

24h: +0.18%
Market cap: $952,750
Volume 24h: $213
Volatility (ann.): 78%

DeriveDRV

$0.378484

24h: +20.77%
Market cap: $402.05M
Volume 24h: $16.34M
Volatility (ann.): 590%

GS 0.2%Share of the two combined market caps99.8% DRV

Performance

GSDRV

7 days+1.31%-8.10%GS
30 days-24.13%+136.49%DRV

Correlation

0.10over 30 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.1090d: insufficient data1y: insufficient data

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.

Risk & extremes

Metric	GS	DRV
Max drawdown (400d)	-37.1%	-32.6%
Risk-adjusted return (90d)	-0.42	0.45

Relative strength over 90 days: DRV outperformed GS by 71.3% — measured on the GS/DRV ratio, so it holds regardless of market direction.

GammaSwap →Derive →