USP Yield Optimized Stablecoin vs Steakhouse Confidential Prime USDC

Steakhouse Confidential Prime USDC (STEAKCUSDC) is 5.5× the size of USP Yield Optimized Stablecoin (USP) by market capitalisation. Over the past 30 days, USP is ahead by 0.9 percentage points (USP +1.8% against STEAKCUSDC +0.9%). Their daily returns move barely together (correlation 0.13 across 38 shared trading days). USP has been the more volatile of the two, at 9% annualised against STEAKCUSDC's 2%.

Correlation: 0.13
Size ratio: 1 : 5.5
Ahead over 30 days: USP

USP Yield Optimized StablecoinUSP

$1.1500

24h: +0.01%
Market cap: $4.82M
Volume 24h: $875
Volatility (ann.): 9%

Steakhouse Confidential Prime USDCSTEAKCUSDC

$1.0290

24h: +0.02%
Market cap: $26.76M
Volume 24h: —
Volatility (ann.): 2%

USP 15.3%Share of the two combined market caps84.7% STEAKCUSDC

Performance

USPSTEAKCUSDC

7 days+0.00%+0.10%STEAKCUSDC
30 days+1.77%+0.88%USP

Correlation

0.13over 38 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.1090d: insufficient data1y: insufficient data

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.

Risk & extremes

Metric	USP	STEAKCUSDC
Max drawdown (400d)	-0.9%	-0.2%
Risk-adjusted return (90d)	0.19	0.62

Relative strength over 90 days: USP outperformed STEAKCUSDC by 0.6% — measured on the USP/STEAKCUSDC ratio, so it holds regardless of market direction.

USP Yield Optimized Stablecoin →Steakhouse Confidential Prime USDC →