USDS (USDS) is 2157.8× the size of CoinMarketCap 20 Index DTF (CMC20) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.17 across 183 shared trading days). CMC20 has been the more volatile of the two, at 48% annualised against USDS's 1%.
$156.1000
CMC20USDS
-0.17over 183 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 | CMC20 | USDS |
|---|---|---|
| Max drawdown (400d) | -42.1% | -0.4% |
| Risk-adjusted return (90d) | 0.50 | 0.01 |
Relative strength over 90 days: CMC20 outperformed USDS by 22.6% — measured on the CMC20/USDS ratio, so it holds regardless of market direction.