USDC (USDC) is 180082.6× the size of Overnight.fi USD+ (Base) (USD+) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.33 across 38 shared trading days). USD+ has been the more volatile of the two, at 11% annualised against USDC's 0%.
$0.999624
USD+USDC
-0.33over 38 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 | USD+ | USDC |
|---|---|---|
| Max drawdown (400d) | -2.5% | -0.3% |
| Risk-adjusted return (90d) | -0.06 | 0.01 |
| Best 30 days (past year) | — | +0.2% |
| Worst 30 days (past year) | — | -0.2% |
Relative strength over 90 days: USDC outperformed USD+ by 0.8% — measured on the USD+/USDC ratio, so it holds regardless of market direction.