Aave (AAVE) is 36.8× the size of Sushi (SUSHI) by market capitalisation. Over the past 1 year, AAVE is ahead by 20.7 percentage points (SUSHI -57.1% against AAVE -36.3%). Their daily returns move closely together (correlation 0.65 across 399 shared trading days). Both have run at a similar volatility, around 90% annualised.
SUSHIAAVE
0.65over 399 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 | SUSHI | AAVE |
|---|---|---|
| Max drawdown (400d) | -79.9% | -79.5% |
| Risk-adjusted return (90d) | 0.25 | 0.46 |
| Best 30 days (past year) | +53.4% | +56.3% |
| Worst 30 days (past year) | -46.3% | -42.7% |
Relative strength over 90 days: AAVE outperformed SUSHI by 11.7% — measured on the SUSHI/AAVE ratio, so it holds regardless of market direction.