Uniswap (UNI) is 702.8× the size of Ref Finance (REF) by market capitalisation. Their daily returns move loosely together (correlation 0.52 across 41 shared trading days). REF has been the more volatile of the two, at 146% annualised against UNI's 101%.
REFUNI
0.52over 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 | REF | UNI |
|---|---|---|
| Max drawdown (400d) | -34.6% | -74.4% |
| Risk-adjusted return (90d) | 0.51 | 0.73 |
| Best 30 days (past year) | — | +143.9% |
| Worst 30 days (past year) | — | -47.8% |
Relative strength over 90 days: REF outperformed UNI by 12.6% — measured on the REF/UNI ratio, so it holds regardless of market direction.