Ethena USDe vs Hedera
Ethena USDe (USDE) is 1.1× the size of Hedera (HBAR) by market capitalisation. Over the past 1 year, USDE is ahead by 55.3 percentage points (USDE -0.1% against HBAR -55.4%). Their daily returns move barely together (correlation 0.19 across 379 shared trading days). HBAR has been the more volatile of the two, at 68% annualised against USDE's 1%.
Performance
| Period | USDE | HBAR | Ahead |
|---|---|---|---|
| 7 days | +0.00% | +33.36% | HBAR |
| 30 days | -0.01% | +24.17% | HBAR |
| 90 days | +0.02% | +31.00% | HBAR |
| 1 year | -0.08% | -55.40% | USDE |
Risk & extremes
| Metric | USDE | HBAR |
|---|---|---|
| Max drawdown (400d) | -0.3% | -74.8% |
| Risk-adjusted return (90d) | 0.05 | 0.59 |
| Best 30 days (past year) | +0.1% | +24.2% |
| Worst 30 days (past year) | -0.2% | -39.4% |
Relative strength over 90 days: HBAR outperformed USDE by 23.6% — measured on the USDE/HBAR ratio, so it holds regardless of market direction.
Correlation
0.19over 379 shared trading days
7d: insufficient data30d: -0.2390d: -0.231y: 0.20
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.