USDS (USDS) is 9302.6× the size of Cod3x USD (CDXUSD) by market capitalisation. Their daily returns move closely in opposite directions (correlation -0.65 across 33 shared trading days). CDXUSD has been the more volatile of the two, at 192% annualised against USDS's 1%.
CDXUSDUSDS
-0.65over 33 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 | CDXUSD | USDS |
|---|---|---|
| Max drawdown (400d) | -77.9% | -0.4% |
| Risk-adjusted return (90d) | -0.41 | 0.01 |
Relative strength over 90 days: USDS outperformed CDXUSD by 77.9% — measured on the CDXUSD/USDS ratio, so it holds regardless of market direction.