Convex Finance (CVX) is 704.2× the size of Levva Protocol (LVVA) by market capitalisation. Over the past 1 year, CVX is ahead by 92.5 percentage points (LVVA -97.2% against CVX -4.7%). Their daily returns move barely together (correlation 0.12 across 373 shared trading days). LVVA has been the more volatile of the two, at 232% annualised against CVX's 104%.
LVVACVX
0.12over 373 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 | LVVA | CVX |
|---|---|---|
| Max drawdown (400d) | -97.2% | -71.5% |
| Risk-adjusted return (90d) | -0.16 | 0.26 |
| Best 30 days (past year) | +148.5% | +88.3% |
| Worst 30 days (past year) | -76.3% | -37.0% |
Relative strength over 90 days: CVX outperformed LVVA by 71.9% — measured on the LVVA/CVX ratio, so it holds regardless of market direction.