Ethena USDe (USDE) is 201.3× the size of Pax Dollar (USDP) by market capitalisation. Over the past 1 year, USDE is ahead by 0.2 percentage points (USDP -0.0% against USDE +0.1%). Their daily returns move barely together (correlation 0.03 across 371 shared trading days). USDP has been the more volatile of the two, at 7% annualised against USDE's 0%.
USDPUSDE
0.03over 371 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 | USDP | USDE |
|---|---|---|
| Max drawdown (400d) | -5.5% | -0.3% |
| Risk-adjusted return (90d) | 0.00 | -0.02 |
| Best 30 days (past year) | +1.0% | +0.1% |
| Worst 30 days (past year) | -4.7% | -0.1% |
Relative strength over 90 days: USDE outperformed USDP by 0.2% — measured on the USDP/USDE ratio, so it holds regardless of market direction.