Uniswap (UNI) is 2977.5× the size of HyperDex (HYDX) by market capitalisation. Their daily returns move barely together (correlation 0.11 across 25 shared trading days). HYDX has been the more volatile of the two, at 862% annualised against UNI's 101%.
HYDXUNI
0.11over 25 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 | HYDX | UNI |
|---|---|---|
| Max drawdown (400d) | -79.7% | -74.4% |
| Risk-adjusted return (90d) | 0.09 | 0.72 |
| Best 30 days (past year) | — | +143.9% |
| Worst 30 days (past year) | — | -47.8% |
Relative strength over 90 days: HYDX outperformed UNI by 129.7% — measured on the HYDX/UNI ratio, so it holds regardless of market direction.