OpenLeverage (OLE) and Uniswap (UNI) compared side by side. Over the past 1 year, UNI is ahead by 130.9 percentage points (OLE -92.0% against UNI +38.9%). Their daily returns move barely in opposite directions (correlation -0.21 across 366 shared trading days). OLE has been the more volatile of the two, at 636525% annualised against UNI's 101%.
OLEUNI
-0.21over 366 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 | OLE | UNI |
|---|---|---|
| Max drawdown (400d) | -100.0% | -74.4% |
| Risk-adjusted return (90d) | 0.00 | 0.73 |
| Best 30 days (past year) | +688967.8% | +143.9% |
| Worst 30 days (past year) | -64.9% | -47.8% |
Relative strength over 90 days: UNI outperformed OLE by 76.9% — measured on the OLE/UNI ratio, so it holds regardless of market direction.