Ethena USDe (USDE) is 786753.6× the size of deployer (DEPLOYER) by market capitalisation. Their daily returns move loosely in opposite directions (correlation -0.56 across 26 shared trading days). DEPLOYER has been the more volatile of the two, at 134% annualised against USDE's 0%.
DEPLOYERUSDE
-0.56over 26 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 | DEPLOYER | USDE |
|---|---|---|
| Max drawdown (400d) | -33.2% | -0.3% |
| Risk-adjusted return (90d) | -0.24 | -0.05 |
| Best 30 days (past year) | — | +0.1% |
| Worst 30 days (past year) | — | -0.1% |
Relative strength over 90 days: USDE outperformed DEPLOYER by 32.6% — measured on the DEPLOYER/USDE ratio, so it holds regardless of market direction.