Uniswap (UNI) is 5178.4× the size of Stable (STABLE) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.29 across 30 shared trading days). STABLE has been the more volatile of the two, at 251% annualised against UNI's 101%.
STABLEUNI
-0.29over 30 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 | STABLE | UNI |
|---|---|---|
| Max drawdown (400d) | -25.0% | -74.4% |
| Risk-adjusted return (90d) | 0.03 | 0.73 |
| Best 30 days (past year) | — | +143.9% |
| Worst 30 days (past year) | — | -47.8% |
Relative strength over 90 days: UNI outperformed STABLE by 36.0% — measured on the STABLE/UNI ratio, so it holds regardless of market direction.