Uniswap (UNI) is 14.9× the size of Pendle (PENDLE) by market capitalisation. Over the past 1 year, UNI is ahead by 82.2 percentage points (PENDLE -31.9% against UNI +50.3%). Their daily returns move closely together (correlation 0.62 across 399 shared trading days). Both have run at a similar volatility, around 98% annualised.
PENDLEUNI
0.62over 399 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 | PENDLE | UNI |
|---|---|---|
| Max drawdown (400d) | -79.8% | -74.4% |
| Risk-adjusted return (90d) | 0.37 | 0.83 |
| Best 30 days (past year) | +103.0% | +143.9% |
| Worst 30 days (past year) | -51.2% | -47.8% |
Relative strength over 90 days: UNI outperformed PENDLE by 31.0% — measured on the PENDLE/UNI ratio, so it holds regardless of market direction.