Aave (AAVE) is 142.0× the size of Sapien (SAPIEN) by market capitalisation. Over the past 1 year, AAVE is ahead by 49.1 percentage points (SAPIEN -85.5% against AAVE -36.3%). Their daily returns move barely together (correlation 0.34 across 363 shared trading days). SAPIEN has been the more volatile of the two, at 125% annualised against AAVE's 87%.
SAPIENAAVE
0.34over 363 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 | SAPIEN | AAVE |
|---|---|---|
| Max drawdown (400d) | -85.8% | -79.5% |
| Risk-adjusted return (90d) | -0.64 | 0.46 |
| Best 30 days (past year) | — | +56.3% |
| Worst 30 days (past year) | — | -42.7% |
Relative strength over 90 days: AAVE outperformed SAPIEN by 55.4% — measured on the SAPIEN/AAVE ratio, so it holds regardless of market direction.