Uniswap (UNI) is 1.0× the size of Ethena USDe (USDE) by market capitalisation. Over the past 1 year, UNI is ahead by 50.2 percentage points (UNI +50.3% against USDE +0.1%). Their daily returns move barely together (correlation 0.15 across 399 shared trading days). UNI has been the more volatile of the two, at 101% annualised against USDE's 0%.
UNIUSDE
0.15over 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 | UNI | USDE |
|---|---|---|
| Max drawdown (400d) | -74.4% | -0.3% |
| Risk-adjusted return (90d) | 0.83 | -0.05 |
| Best 30 days (past year) | +143.9% | +0.1% |
| Worst 30 days (past year) | -47.8% | -0.1% |
Relative strength over 90 days: UNI outperformed USDE by 89.9% — measured on the UNI/USDE ratio, so it holds regardless of market direction.