Uniswap (UNI) is 11430.6× the size of R2 Protocol (R2) by market capitalisation. Their daily returns move barely together (correlation 0.15 across 194 shared trading days). R2 has been the more volatile of the two, at 317% annualised against UNI's 101%.
R2UNI
0.15over 194 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 | R2 | UNI |
|---|---|---|
| Max drawdown (400d) | -94.6% | -74.4% |
| Risk-adjusted return (90d) | 0.54 | 0.83 |
| Best 30 days (past year) | — | +143.9% |
| Worst 30 days (past year) | — | -47.8% |
Relative strength over 90 days: R2 outperformed UNI by 43.4% — measured on the R2/UNI ratio, so it holds regardless of market direction.