Ethena USDe (USDE) is 211.9× the size of USDH (USDH) by market capitalisation. Their daily returns move barely together (correlation 0.19 across 39 shared trading days). USDH has been the more volatile of the two, at 5% annualised against USDE's 0%.
USDHUSDE
0.19over 39 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 | USDH | USDE |
|---|---|---|
| Max drawdown (400d) | -1.1% | -0.3% |
| Risk-adjusted return (90d) | -0.01 | -0.02 |
| Best 30 days (past year) | — | +0.1% |
| Worst 30 days (past year) | — | -0.1% |
Relative strength over 90 days: USDE outperformed USDH by 0.1% — measured on the USDH/USDE ratio, so it holds regardless of market direction.