Figure Heloc (FIGR_HELOC) is 5.9× the size of Ethena USDe (USDE) by market capitalisation. Their daily returns move barely together (correlation 0.01 across 56 shared trading days). FIGR_HELOC has been the more volatile of the two, at 52% annualised against USDE's 0%.
FIGR_HELOCUSDE
0.01over 56 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 | FIGR_HELOC | USDE |
|---|---|---|
| Max drawdown (400d) | -5.5% | -0.3% |
| Risk-adjusted return (90d) | 0.05 | -0.02 |
| Best 30 days (past year) | — | +0.1% |
| Worst 30 days (past year) | — | -0.1% |
Relative strength over 90 days: FIGR_HELOC outperformed USDE by 2.5% — measured on the FIGR_HELOC/USDE ratio, so it holds regardless of market direction.