Ethena USDe (USDE) is 102.7× the size of Metronome Synth USD (MSUSD) by market capitalisation. Their daily returns move barely together (correlation 0.09 across 52 shared trading days). MSUSD has been the more volatile of the two, at 84% annualised against USDE's 0%.
MSUSDUSDE
0.09over 52 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 | MSUSD | USDE |
|---|---|---|
| Max drawdown (400d) | -31.8% | -0.3% |
| Risk-adjusted return (90d) | 0.32 | -0.02 |
| Best 30 days (past year) | — | +0.1% |
| Worst 30 days (past year) | — | -0.1% |
Relative strength over 90 days: MSUSD outperformed USDE by 26.6% — measured on the MSUSD/USDE ratio, so it holds regardless of market direction.