Legacy Frax Dollar (FRAX) is 7.4× the size of Monerium EUR emoney (EURE) by market capitalisation. Their daily returns move barely together (correlation 0.31 across 51 shared trading days). FRAX has been the more volatile of the two, at 99% annualised against EURE's 8%.
EUREFRAX
0.31over 51 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 | EURE | FRAX |
|---|---|---|
| Max drawdown (400d) | -5.1% | -81.3% |
| Risk-adjusted return (90d) | -0.55 | -0.16 |
Relative strength over 90 days: EURE outperformed FRAX by 23.8% — measured on the EURE/FRAX ratio, so it holds regardless of market direction.