Ethena USDe (USDE) is 52.6× the size of f(x) Protocol fxUSD (FXUSD) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.14 across 57 shared trading days). FXUSD has been the more volatile of the two, at 1% annualised against USDE's 0%.
FXUSDUSDE
-0.14over 57 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 | FXUSD | USDE |
|---|---|---|
| Max drawdown (400d) | -0.2% | -0.3% |
| Risk-adjusted return (90d) | 0.10 | -0.05 |
| Best 30 days (past year) | — | +0.1% |
| Worst 30 days (past year) | — | -0.1% |
Relative strength over 90 days: FXUSD outperformed USDE by 0.1% — measured on the FXUSD/USDE ratio, so it holds regardless of market direction.