Uniswap (UNI) is 2174.4× the size of Hyperion (RION) by market capitalisation. Over the past 1 year, UNI is ahead by 102.0 percentage points (RION -63.1% against UNI +38.9%). Their daily returns move barely together (correlation 0.20 across 364 shared trading days). Both have run at a similar volatility, around 106% annualised.
RIONUNI
0.20over 364 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 | RION | UNI |
|---|---|---|
| Max drawdown (400d) | -70.7% | -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 RION by 70.4% — measured on the RION/UNI ratio, so it holds regardless of market direction.