USDS (USDS) is 44.1× the size of Legacy Frax Dollar (FRAX) by market capitalisation. Their daily returns move barely together (correlation 0.03 across 209 shared trading days). FRAX has been the more volatile of the two, at 99% annualised against USDS's 1%.
FRAXUSDS
0.03over 209 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 | FRAX | USDS |
|---|---|---|
| Max drawdown (400d) | -81.3% | -0.4% |
| Risk-adjusted return (90d) | -0.16 | 0.01 |
Relative strength over 90 days: USDS outperformed FRAX by 11.1% — measured on the FRAX/USDS ratio, so it holds regardless of market direction.