CoinMarketCap 20 Index DTF vs Ethena USDe

Ethena USDe (USDE) is 1018.0× the size of CoinMarketCap 20 Index DTF (CMC20) by market capitalisation. Over the past 1 year, USDE is ahead by 18.0 percentage points (CMC20 -17.9% against USDE +0.1%). Their daily returns move barely in opposite directions (correlation -0.01 across 324 shared trading days). CMC20 has been the more volatile of the two, at 48% annualised against USDE's 0%.

Correlation: -0.01
Size ratio: 1 : 1018.0
Ahead over 1 year: USDE

CoinMarketCap 20 Index DTFCMC20

$156.1000

24h: +0.11%
Market cap: $4.44M
Volume 24h: $1.84M
Volatility (ann.): 48%

Ethena USDeUSDE

$1.0001

24h: +0.07%
Market cap: $4.52B
Volume 24h: $77.75M
Volatility (ann.): 0%

CMC20 0.1%Share of the two combined market caps99.9% USDE

Performance

CMC20USDE

7 days-3.13%-0.03%USDE
30 days-2.35%+0.06%USDE
90 days+22.59%-0.01%CMC20
1 year-17.85%+0.13%USDE

Correlation

-0.01over 324 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.1690d: -0.261y: -0.01

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.

Risk & extremes

Metric	CMC20	USDE
Max drawdown (400d)	-42.1%	-0.3%
Risk-adjusted return (90d)	0.50	-0.02
Best 30 days (past year)	—	+0.1%
Worst 30 days (past year)	—	-0.1%

Relative strength over 90 days: CMC20 outperformed USDE by 22.5% — measured on the CMC20/USDE ratio, so it holds regardless of market direction.

CoinMarketCap 20 Index DTF →Ethena USDe →