apyUSD (APYUSD) is 502.1× the size of Solid USD (soUSD) (SOUSD) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.17 across 32 shared trading days). SOUSD has been the more volatile of the two, at 81% annualised against APYUSD's 14%.
SOUSDAPYUSD
-0.17over 32 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 | SOUSD | APYUSD |
|---|---|---|
| Max drawdown (400d) | -31.6% | -2.8% |
| Risk-adjusted return (90d) | 0.07 | 0.56 |
Relative strength over 90 days: APYUSD outperformed SOUSD by 6.1% — measured on the SOUSD/APYUSD ratio, so it holds regardless of market direction.