Ethena USDe (USDE) is 1167120.7× the size of BMA (BMA) by market capitalisation. Their daily returns move loosely in opposite directions (correlation -0.35 across 178 shared trading days). BMA has been the more volatile of the two, at 241% annualised against USDE's 0%.
BMAUSDE
-0.35over 178 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 | BMA | USDE |
|---|---|---|
| Max drawdown (400d) | -100.0% | -0.3% |
| Risk-adjusted return (90d) | -0.32 | -0.05 |
| Best 30 days (past year) | — | +0.1% |
| Worst 30 days (past year) | — | -0.1% |
Relative strength over 90 days: USDE outperformed BMA by 99.9% — measured on the BMA/USDE ratio, so it holds regardless of market direction.