USDC (USDC) is 2010.0× the size of Gemini Dollar (GUSD) by market capitalisation. Their daily returns move loosely in opposite directions (correlation -0.46 across 53 shared trading days). GUSD has been the more volatile of the two, at 1% annualised against USDC's 0%.
GUSDUSDC
-0.46over 53 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 | GUSD | USDC |
|---|---|---|
| Max drawdown (400d) | -0.3% | -0.3% |
| Risk-adjusted return (90d) | -0.11 | 0.05 |
| Best 30 days (past year) | — | +0.2% |
| Worst 30 days (past year) | — | -0.2% |
Relative strength over 90 days: USDC outperformed GUSD by 0.2% — measured on the GUSD/USDC ratio, so it holds regardless of market direction.