Ethena USDe (USDE) is 1.1× the size of Uniswap (UNI) by market capitalisation. Over the past 1 year, USDE is ahead by 11.8 percentage points (USDE +0.0% against UNI -11.8%). Their daily returns move barely together (correlation 0.16 across 395 shared trading days). UNI has been the more volatile of the two, at 100% annualised against USDE's 1%.
USDEUNI
0.16over 395 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 | UNI |
|---|---|---|
| Max drawdown (400d) | -0.3% | -76.5% |
| Risk-adjusted return (90d) | 0.08 | 0.98 |
| Best 30 days (past year) | +0.1% | +143.9% |
| Worst 30 days (past year) | -0.1% | -47.8% |
Relative strength over 90 days: UNI outperformed USDE by 50.5% — measured on the USDE/UNI ratio, so it holds regardless of market direction.