USDS (USDS) is 2067.2× the size of Flying Tulip USD (FTUSD) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.30 across 40 shared trading days). FTUSD has been the more volatile of the two, at 6% annualised against USDS's 1%.
FTUSDUSDS
-0.30over 40 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 | FTUSD | USDS |
|---|---|---|
| Max drawdown (400d) | -0.6% | -0.4% |
| Risk-adjusted return (90d) | 0.10 | 0.01 |
Relative strength over 90 days: FTUSD outperformed USDS by 0.5% — measured on the FTUSD/USDS ratio, so it holds regardless of market direction.