Aerodrome Finance (AERO) is 24.4× the size of ROLL (ROLL) by market capitalisation. Their daily returns move barely together (correlation 0.18 across 41 shared trading days). ROLL has been the more volatile of the two, at 193% annualised against AERO's 101%.
ROLLAERO
0.18over 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 | ROLL | AERO |
|---|---|---|
| Max drawdown (400d) | -57.6% | -36.4% |
| Risk-adjusted return (90d) | -0.27 | 0.44 |
Relative strength over 90 days: AERO outperformed ROLL by 62.9% — measured on the ROLL/AERO ratio, so it holds regardless of market direction.