Ethena USDe (USDE) is 1441.9× the size of Last USD (USDXL) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.12 across 41 shared trading days). USDXL has been the more volatile of the two, at 9% annualised against USDE's 0%.
USDXLUSDE
-0.12over 41 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 | USDXL | USDE |
|---|---|---|
| Max drawdown (400d) | -2.5% | -0.3% |
| Risk-adjusted return (90d) | -0.12 | -0.05 |
| Best 30 days (past year) | — | +0.1% |
| Worst 30 days (past year) | — | -0.1% |
Relative strength over 90 days: USDE outperformed USDXL by 1.1% — measured on the USDXL/USDE ratio, so it holds regardless of market direction.