Aave (AAVE) is 142.4× the size of Stargate Finance (STG) by market capitalisation. Over the past 1 year, STG is ahead by 10.6 percentage points (STG -25.7% against AAVE -36.3%). Their daily returns move barely together (correlation 0.25 across 373 shared trading days). STG has been the more volatile of the two, at 155% annualised against AAVE's 87%.
STGAAVE
0.25over 373 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 | STG | AAVE |
|---|---|---|
| Max drawdown (400d) | -81.6% | -79.5% |
| Risk-adjusted return (90d) | -0.05 | 0.46 |
| Best 30 days (past year) | +181.0% | +56.3% |
| Worst 30 days (past year) | -75.8% | -42.7% |
Relative strength over 90 days: AAVE outperformed STG by 28.6% — measured on the STG/AAVE ratio, so it holds regardless of market direction.