Ondo US Dollar Yield (USDY) is 8019.8× the size of Solid USD (soUSD) (SOUSD) by market capitalisation. Their daily returns move barely together (correlation 0.01 across 32 shared trading days). SOUSD has been the more volatile of the two, at 81% annualised against USDY's 6%.
SOUSDUSDY
0.01over 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 | USDY |
|---|---|---|
| Max drawdown (400d) | -31.6% | -0.9% |
| Risk-adjusted return (90d) | 0.07 | 0.15 |
Relative strength over 90 days: SOUSD outperformed USDY by 4.7% — measured on the SOUSD/USDY ratio, so it holds regardless of market direction.