USDS (USDS) is 126.6× the size of Cygnus Finance Global USD (CGUSD) by market capitalisation. Their daily returns move barely together (correlation 0.06 across 56 shared trading days). CGUSD has been the more volatile of the two, at 3% annualised against USDS's 1%.
CGUSDUSDS
0.06over 56 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 | CGUSD | USDS |
|---|---|---|
| Max drawdown (400d) | -0.8% | -0.4% |
| Risk-adjusted return (90d) | -0.13 | 0.01 |
Relative strength over 90 days: USDS outperformed CGUSD by 0.4% — measured on the CGUSD/USDS ratio, so it holds regardless of market direction.