Ethena USDe (USDE) is 175.3× the size of Bucket Protocol BUCK Stablecoin (BUCK) by market capitalisation. Their daily returns move barely together (correlation 0.05 across 44 shared trading days). BUCK has been the more volatile of the two, at 7% annualised against USDE's 0%.
$0.992383
BUCKUSDE
0.05over 44 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 | BUCK | USDE |
|---|---|---|
| Max drawdown (400d) | -1.5% | -0.3% |
| Risk-adjusted return (90d) | 0.00 | -0.05 |
| Best 30 days (past year) | — | +0.1% |
| Worst 30 days (past year) | — | -0.1% |
Relative strength over 90 days: USDE outperformed BUCK by 0.0% — measured on the BUCK/USDE ratio, so it holds regardless of market direction.