Uniswap (UNI) is 1054.4× the size of up (UP) by market capitalisation. Their daily returns move closely together (correlation 0.64 across 32 shared trading days). UP has been the more volatile of the two, at 598% annualised against UNI's 101%.
UPUNI
0.64over 32 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 | UP | UNI |
|---|---|---|
| Max drawdown (400d) | -100.0% | -74.4% |
| Risk-adjusted return (90d) | -0.17 | 0.73 |
| Best 30 days (past year) | — | +143.9% |
| Worst 30 days (past year) | — | -47.8% |
Relative strength over 90 days: UNI outperformed UP by 100.0% — measured on the UP/UNI ratio, so it holds regardless of market direction.