Ondo US Dollar Yield (USDY) is 813.3× the size of Propbase (PROPS) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.02 across 45 shared trading days). PROPS has been the more volatile of the two, at 65% annualised against USDY's 6%.
PROPSUSDY
-0.02over 45 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 | PROPS | USDY |
|---|---|---|
| Max drawdown (400d) | -25.4% | -0.9% |
| Risk-adjusted return (90d) | 0.88 | 0.15 |
Relative strength over 90 days: PROPS outperformed USDY by 64.7% — measured on the PROPS/USDY ratio, so it holds regardless of market direction.