Ethena USDe (USDE) is 14.9× the size of apxUSD (APXUSD) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.10 across 58 shared trading days). APXUSD has been the more volatile of the two, at 9% annualised against USDE's 0%.
APXUSDUSDE
-0.10over 58 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 | APXUSD | USDE |
|---|---|---|
| Max drawdown (400d) | -2.1% | -0.3% |
| Risk-adjusted return (90d) | 0.70 | -0.02 |
| Best 30 days (past year) | — | +0.1% |
| Worst 30 days (past year) | — | -0.1% |
Relative strength over 90 days: APXUSD outperformed USDE by 6.5% — measured on the APXUSD/USDE ratio, so it holds regardless of market direction.