Sui vs Ethena USDe
Sui (SUI) is 1.0× the size of Ethena USDe (USDE) by market capitalisation. Over the past 1 year, USDE is ahead by 60.2 percentage points (SUI -60.2% against USDE +0.0%). Their daily returns move barely together (correlation 0.14 across 384 shared trading days). SUI has been the more volatile of the two, at 89% annualised against USDE's 1%.
Performance
| Period | SUI | USDE | Ahead |
|---|---|---|---|
| 7 days | +40.85% | +0.00% | SUI |
| 30 days | +69.94% | +0.03% | SUI |
| 90 days | +79.88% | +0.05% | SUI |
| 1 year | -60.23% | +0.02% | USDE |
Risk & extremes
| Metric | SUI | USDE |
|---|---|---|
| Max drawdown (400d) | -83.2% | -0.3% |
| Risk-adjusted return (90d) | 0.95 | 0.13 |
| Best 30 days (past year) | +69.9% | +0.1% |
| Worst 30 days (past year) | -53.6% | -0.1% |
Relative strength over 90 days: SUI outperformed USDE by 79.8% — measured on the SUI/USDE ratio, so it holds regardless of market direction.
Correlation
0.14over 384 shared trading days
7d: insufficient data30d: -0.1590d: -0.171y: 0.14
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.