Aerodrome Finance (AERO) is 1.3× the size of Fluid (FLUID) by market capitalisation. Their daily returns move loosely together (correlation 0.51 across 56 shared trading days). FLUID has been the more volatile of the two, at 225% annualised against AERO's 101%.
FLUIDAERO
0.51over 56 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 | FLUID | AERO |
|---|---|---|
| Max drawdown (400d) | -27.4% | -36.4% |
| Risk-adjusted return (90d) | 0.37 | 0.44 |
Relative strength over 90 days: FLUID outperformed AERO by 18.1% — measured on the FLUID/AERO ratio, so it holds regardless of market direction.