Ethena USDe (USDE) is 1.2× the size of Avalanche (AVAX) by market capitalisation. Over the past 1 year, USDE is ahead by 49.0 percentage points (USDE +0.1% against AVAX -48.8%). Their daily returns move barely together (correlation 0.18 across 399 shared trading days). AVAX has been the more volatile of the two, at 77% annualised against USDE's 0%.
USDEAVAX
0.18over 399 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 | USDE | AVAX |
|---|---|---|
| Max drawdown (400d) | -0.3% | -81.2% |
| Risk-adjusted return (90d) | -0.02 | 0.34 |
| Best 30 days (past year) | +0.1% | +60.8% |
| Worst 30 days (past year) | -0.1% | -43.0% |
Relative strength over 90 days: AVAX outperformed USDE by 21.8% — measured on the USDE/AVAX ratio, so it holds regardless of market direction.