Aerodrome Finance (AERO) is 6.4× the size of LAB (LAB) by market capitalisation. Their daily returns move barely together (correlation 0.22 across 53 shared trading days). LAB has been the more volatile of the two, at 207% annualised against AERO's 101%.
LABAERO
0.22over 53 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 | LAB | AERO |
|---|---|---|
| Max drawdown (400d) | -56.6% | -36.4% |
| Risk-adjusted return (90d) | -0.22 | 0.44 |
Relative strength over 90 days: AERO outperformed LAB by 58.5% — measured on the LAB/AERO ratio, so it holds regardless of market direction.