Uniswap (UNI) is 44.6× the size of Synthetix (SNX) by market capitalisation. Over the past 1 year, UNI is ahead by 129.1 percentage points (SNX -78.8% against UNI +50.3%). Their daily returns move loosely together (correlation 0.46 across 399 shared trading days). SNX has been the more volatile of the two, at 123% annualised against UNI's 101%.
SNXUNI
0.46over 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 | UNI |
|---|---|---|
| Max drawdown (400d) | -92.3% | -74.4% |
| Risk-adjusted return (90d) | -0.24 | 0.83 |
| Best 30 days (past year) | +26.6% | +143.9% |
| Worst 30 days (past year) | -47.8% | -47.8% |
Relative strength over 90 days: UNI outperformed SNX by 55.8% — measured on the SNX/UNI ratio, so it holds regardless of market direction.