Legacy Frax Dollar vs Ethena USDe

Ethena USDe (USDE) is 20.8× the size of Legacy Frax Dollar (FRAX) by market capitalisation. Over the past 1 year, USDE is ahead by 74.5 percentage points (FRAX -74.4% against USDE +0.1%). Their daily returns move barely in opposite directions (correlation -0.10 across 293 shared trading days). FRAX has been the more volatile of the two, at 99% annualised against USDE's 0%.

Correlation: -0.10
Size ratio: 1 : 20.8
Ahead over 1 year: USDE

Legacy Frax DollarFRAX

$0.247700

24h: -0.07%
Market cap: $217.17M
Volume 24h: $330,111
Volatility (ann.): 99%

Ethena USDeUSDE

$1.0005

24h: +0.02%
Market cap: $4.52B
Volume 24h: $104.33M
Volatility (ann.): 0%

FRAX 4.6%Share of the two combined market caps95.4% USDE

Performance

FRAXUSDE

7 days-8.33%-0.03%USDE
30 days-19.26%+0.06%USDE
90 days-11.04%-0.01%USDE
1 year-74.39%+0.13%USDE

Correlation

-0.10over 293 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.2790d: -0.121y: -0.10

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.

Risk & extremes

Metric	FRAX	USDE
Max drawdown (400d)	-81.3%	-0.3%
Risk-adjusted return (90d)	-0.16	-0.02
Best 30 days (past year)	—	+0.1%
Worst 30 days (past year)	—	-0.1%

Relative strength over 90 days: USDE outperformed FRAX by 11.0% — measured on the FRAX/USDE ratio, so it holds regardless of market direction.

Legacy Frax Dollar →Ethena USDe →