Uniswap (UNI) is 6391.6× the size of Ripe DAO Governance Token (RIPE) by market capitalisation. Their daily returns move barely together (correlation 0.29 across 39 shared trading days). RIPE has been the more volatile of the two, at 925% annualised against UNI's 101%.
$0.438279
RIPEUNI
0.29over 39 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 | RIPE | UNI |
|---|---|---|
| Max drawdown (400d) | -93.7% | -74.4% |
| Risk-adjusted return (90d) | -0.08 | 0.73 |
| Best 30 days (past year) | — | +143.9% |
| Worst 30 days (past year) | — | -47.8% |
Relative strength over 90 days: UNI outperformed RIPE by 80.8% — measured on the RIPE/UNI ratio, so it holds regardless of market direction.