Aerodrome Finance (AERO) is 1141.3× the size of Owlto Finance (OWL) by market capitalisation. Their daily returns move barely together (correlation 0.30 across 39 shared trading days). OWL has been the more volatile of the two, at 283% annualised against AERO's 101%.
OWLAERO
0.30over 39 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 | OWL | AERO |
|---|---|---|
| Max drawdown (400d) | -68.8% | -36.4% |
| Risk-adjusted return (90d) | -0.10 | 0.42 |
Relative strength over 90 days: AERO outperformed OWL by 45.8% — measured on the OWL/AERO ratio, so it holds regardless of market direction.