Uniswap (UNI) is 415.5× the size of YieldFi yToken (YUSD) by market capitalisation. Their daily returns move loosely in opposite directions (correlation -0.47 across 32 shared trading days). YUSD has been the more volatile of the two, at 12335% annualised against UNI's 101%.
YUSDUNI
-0.47over 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 | YUSD | UNI |
|---|---|---|
| Max drawdown (400d) | 0.0% | -74.4% |
| Risk-adjusted return (90d) | 0.29 | 0.73 |
| Best 30 days (past year) | — | +143.9% |
| Worst 30 days (past year) | — | -47.8% |
Relative strength over 90 days: YUSD outperformed UNI by 2295.9% — measured on the YUSD/UNI ratio, so it holds regardless of market direction.