USDS (USDS) is 111.5× the size of f(x) Protocol fxUSD (FXUSD) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.01 across 57 shared trading days). FXUSD has been the more volatile of the two, at 1% annualised against USDS's 1%.
FXUSDUSDS
-0.01over 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 | USDS |
|---|---|---|
| Max drawdown (400d) | -0.2% | -0.4% |
| Risk-adjusted return (90d) | 0.10 | 0.00 |
Relative strength over 90 days: FXUSD outperformed USDS by 0.1% — measured on the FXUSD/USDS ratio, so it holds regardless of market direction.