Legacy Frax Dollar (FRAX) is 320.1× the size of Sigma bnb USD (BNBUSD) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.03 across 184 shared trading days). FRAX has been the more volatile of the two, at 99% annualised against BNBUSD's 7%.
BNBUSDFRAX
-0.03over 184 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 | BNBUSD | FRAX |
|---|---|---|
| Max drawdown (400d) | -1.0% | -81.3% |
| Risk-adjusted return (90d) | -0.01 | -0.16 |
Relative strength over 90 days: BNBUSD outperformed FRAX by 7.3% — measured on the BNBUSD/FRAX ratio, so it holds regardless of market direction.