Ethena USDe (USDE) is 1.0× the size of Bitcoin Cash (BCH) by market capitalisation. Over the past 1 year, USDE is ahead by 51.9 percentage points (USDE +0.1% against BCH -51.8%). Their daily returns move barely together (correlation 0.05 across 399 shared trading days). BCH has been the more volatile of the two, at 79% annualised against USDE's 0%.
USDEBCH
0.05over 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 | BCH |
|---|---|---|
| Max drawdown (400d) | -0.2% | -70.9% |
| Risk-adjusted return (90d) | -0.14 | 0.11 |
| Best 30 days (past year) | +0.1% | +34.0% |
| Worst 30 days (past year) | -0.1% | -56.8% |
Relative strength over 90 days: BCH outperformed USDE by 10.8% — measured on the USDE/BCH ratio, so it holds regardless of market direction.