Aave (AAVE) is 293.5× the size of NAVI Protocol (NAVX) by market capitalisation. Over the past 1 year, AAVE is ahead by 47.4 percentage points (NAVX -83.8% against AAVE -36.3%). Their daily returns move loosely together (correlation 0.41 across 373 shared trading days). NAVX has been the more volatile of the two, at 123% annualised against AAVE's 87%.
NAVXAAVE
0.41over 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 | NAVX | AAVE |
|---|---|---|
| Max drawdown (400d) | -88.3% | -79.5% |
| Risk-adjusted return (90d) | 0.20 | 0.46 |
| Best 30 days (past year) | +71.7% | +56.3% |
| Worst 30 days (past year) | -61.1% | -42.7% |
Relative strength over 90 days: AAVE outperformed NAVX by 4.8% — measured on the NAVX/AAVE ratio, so it holds regardless of market direction.