Uniswap (UNI) is 73701.1× the size of Vega Protocol (VEGA) by market capitalisation. Their daily returns move loosely in opposite directions (correlation -0.36 across 22 shared trading days). VEGA has been the more volatile of the two, at 228% annualised against UNI's 101%.
VEGAUNI
-0.36over 22 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 | VEGA | UNI |
|---|---|---|
| Max drawdown (400d) | -64.3% | -74.4% |
| Risk-adjusted return (90d) | -0.28 | 0.83 |
| Best 30 days (past year) | — | +143.9% |
| Worst 30 days (past year) | — | -47.8% |
Relative strength over 90 days: UNI outperformed VEGA by 57.3% — measured on the VEGA/UNI ratio, so it holds regardless of market direction.