Aerodrome Finance (AERO) is 129.5× the size of XSwap (XSWAP) by market capitalisation. Their daily returns move loosely together (correlation 0.42 across 84 shared trading days). AERO has been the more volatile of the two, at 101% annualised against XSWAP's 71%.
XSWAPAERO
0.42over 84 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 | XSWAP | AERO |
|---|---|---|
| Max drawdown (400d) | -89.5% | -36.4% |
| Risk-adjusted return (90d) | -0.67 | 0.44 |
| Best 30 days (past year) | +45.5% | — |
| Worst 30 days (past year) | -59.9% | — |
Relative strength over 90 days: AERO outperformed XSWAP by 38.7% — measured on the XSWAP/AERO ratio, so it holds regardless of market direction.