USDS (USDS) is 2022.7× the size of AxCNH (AXCNH) by market capitalisation. Their daily returns move barely together (correlation 0.19 across 41 shared trading days). AXCNH has been the more volatile of the two, at 11% annualised against USDS's 1%.
AXCNHUSDS
0.19over 41 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 | AXCNH | USDS |
|---|---|---|
| Max drawdown (400d) | -1.6% | -0.4% |
| Risk-adjusted return (90d) | 0.11 | 0.01 |
Relative strength over 90 days: AXCNH outperformed USDS by 1.2% — measured on the AXCNH/USDS ratio, so it holds regardless of market direction.