Uniswap (UNI) is 357.7× the size of Pharaoh Liquid Staking Token (P33) by market capitalisation. Their daily returns move barely together (correlation 0.14 across 41 shared trading days). P33 has been the more volatile of the two, at 164% annualised against UNI's 101%.
$0.081357
P33UNI
0.14over 41 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 | P33 | UNI |
|---|---|---|
| Max drawdown (400d) | -38.3% | -74.4% |
| Risk-adjusted return (90d) | 0.19 | 0.73 |
| Best 30 days (past year) | — | +143.9% |
| Worst 30 days (past year) | — | -47.8% |
Relative strength over 90 days: UNI outperformed P33 by 14.9% — measured on the P33/UNI ratio, so it holds regardless of market direction.