USDS (USDS) is 389.8× the size of Electronic USD (EUSD) by market capitalisation. Their daily returns move loosely in opposite directions (correlation -0.59 across 41 shared trading days). EUSD has been the more volatile of the two, at 5% annualised against USDS's 1%.
EUSDUSDS
-0.59over 41 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 | EUSD | USDS |
|---|---|---|
| Max drawdown (400d) | -1.2% | -0.4% |
| Risk-adjusted return (90d) | -0.02 | 0.01 |
Relative strength over 90 days: USDS outperformed EUSD by 0.2% — measured on the EUSD/USDS ratio, so it holds regardless of market direction.