USDS (USDS) is 204.5× the size of Fidelity Digital Dollar (FIDD) by market capitalisation. Their daily returns move barely together (correlation 0.32 across 54 shared trading days). USDS has been the more volatile of the two, at 1% annualised against FIDD's 1%.
FIDDUSDS
0.32over 54 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 | FIDD | USDS |
|---|---|---|
| Max drawdown (400d) | -0.1% | -0.4% |
| Risk-adjusted return (90d) | -0.06 | 0.01 |
Relative strength over 90 days: USDS outperformed FIDD by 0.1% — measured on the FIDD/USDS ratio, so it holds regardless of market direction.