USDS (USDS) is 261.1× the size of pathUSD (PATHUSD) by market capitalisation. Their daily returns move barely together (correlation 0.01 across 49 shared trading days). PATHUSD has been the more volatile of the two, at 16% annualised against USDS's 1%.
PATHUSDUSDS
0.01over 49 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 | PATHUSD | USDS |
|---|---|---|
| Max drawdown (400d) | -3.0% | -0.4% |
| Risk-adjusted return (90d) | 0.02 | 0.01 |
Relative strength over 90 days: PATHUSD outperformed USDS by 0.2% — measured on the PATHUSD/USDS ratio, so it holds regardless of market direction.