Uniswap (UNI) is 1784.0× the size of Perpetual Protocol (PERP) by market capitalisation. Their daily returns move loosely together (correlation 0.46 across 46 shared trading days). PERP has been the more volatile of the two, at 271% annualised against UNI's 101%.
PERPUNI
0.46over 46 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 | PERP | UNI |
|---|---|---|
| Max drawdown (400d) | -94.1% | -74.4% |
| Risk-adjusted return (90d) | -0.35 | 0.73 |
| Best 30 days (past year) | — | +143.9% |
| Worst 30 days (past year) | — | -47.8% |
Relative strength over 90 days: UNI outperformed PERP by 93.1% — measured on the PERP/UNI ratio, so it holds regardless of market direction.