Aave (AAVE) is 19.4× the size of Synthetix (SNX) by market capitalisation. Over the past 1 year, AAVE is ahead by 48.9 percentage points (SNX -78.8% against AAVE -29.9%). Their daily returns move loosely together (correlation 0.48 across 399 shared trading days). SNX has been the more volatile of the two, at 123% annualised against AAVE's 87%.
SNXAAVE
0.48over 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 | SNX | AAVE |
|---|---|---|
| Max drawdown (400d) | -92.3% | -79.5% |
| Risk-adjusted return (90d) | -0.24 | 0.51 |
| Best 30 days (past year) | +26.6% | +56.3% |
| Worst 30 days (past year) | -47.8% | -42.7% |
Relative strength over 90 days: AAVE outperformed SNX by 42.8% — measured on the SNX/AAVE ratio, so it holds regardless of market direction.