Ethena USDe (USDE) is 1.1× the size of NEAR Protocol (NEAR) by market capitalisation. Over the past 1 year, NEAR is ahead by 22.0 percentage points (USDE +0.1% against NEAR +22.1%). Their daily returns move barely together (correlation 0.09 across 399 shared trading days). NEAR has been the more volatile of the two, at 109% annualised against USDE's 0%.
USDENEAR
0.09over 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 | NEAR |
|---|---|---|
| Max drawdown (400d) | -0.2% | -68.7% |
| Risk-adjusted return (90d) | -0.14 | 0.96 |
| Best 30 days (past year) | +0.1% | +195.3% |
| Worst 30 days (past year) | -0.1% | -48.1% |
Relative strength over 90 days: NEAR outperformed USDE by 55.4% — measured on the USDE/NEAR ratio, so it holds regardless of market direction.