Uniswap (UNI) is 1024.6× the size of Hashflow (HFT) by market capitalisation. Over the past 1 year, UNI is ahead by 131.9 percentage points (HFT -93.0% against UNI +38.9%). Their daily returns move barely together (correlation 0.10 across 336 shared trading days). HFT has been the more volatile of the two, at 156% annualised against UNI's 101%.
HFTUNI
0.10over 336 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 | HFT | UNI |
|---|---|---|
| Max drawdown (400d) | -93.1% | -74.4% |
| Risk-adjusted return (90d) | -0.22 | 0.73 |
| Best 30 days (past year) | — | +143.9% |
| Worst 30 days (past year) | — | -47.8% |
Relative strength over 90 days: UNI outperformed HFT by 82.3% — measured on the HFT/UNI ratio, so it holds regardless of market direction.