Qawalla (QWLA) and USDS (USDS) compared side by side. Their daily returns move barely together (correlation 0.20 across 35 shared trading days). QWLA has been the more volatile of the two, at 66% annualised against USDS's 1%.
QWLAUSDS
0.20over 35 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 | QWLA | USDS |
|---|---|---|
| Max drawdown (400d) | -20.4% | -0.4% |
| Risk-adjusted return (90d) | -0.10 | 0.01 |
Relative strength over 90 days: USDS outperformed QWLA by 6.4% — measured on the QWLA/USDS ratio, so it holds regardless of market direction.