Ethereum (ETH) is 64.9× the size of Ethena USDe (USDE) by market capitalisation. Over the past 1 year, USDE is ahead by 41.0 percentage points (USDE -0.0% against ETH -41.1%). Their daily returns move barely together (correlation 0.09 across 376 shared trading days). ETH has been the more volatile of the two, at 65% annualised against USDE's 1%.
| Period | USDE | ETH | Ahead |
|---|---|---|---|
| 7 days | +0.01% | +4.23% | ETH |
| 30 days | +0.00% | +13.15% | ETH |
| 90 days | +0.02% | +54.23% | ETH |
| 1 year | -0.04% | -41.08% | USDE |
| Metric | USDE | ETH |
|---|---|---|
| Max drawdown (400d) | -0.3% | -67.5% |
| Risk-adjusted return (90d) | 0.05 | 0.97 |
| Best 30 days (past year) | +0.1% | +34.1% |
| Worst 30 days (past year) | -0.2% | -44.6% |
Relative strength over 90 days: ETH outperformed USDE by 35.1% — measured on the USDE/ETH ratio, so it holds regardless of market direction.
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.