Ethena USDe (USDE) is 2995.2× the size of Web 3 Dollar (USD3) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.14 across 43 shared trading days). USD3 has been the more volatile of the two, at 342% annualised against USDE's 0%.
USD3USDE
-0.14over 43 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 | USD3 | USDE |
|---|---|---|
| Max drawdown (400d) | -100.0% | -0.3% |
| Risk-adjusted return (90d) | -0.29 | -0.05 |
| Best 30 days (past year) | — | +0.1% |
| Worst 30 days (past year) | — | -0.1% |
Relative strength over 90 days: USDE outperformed USD3 by 100.0% — measured on the USD3/USDE ratio, so it holds regardless of market direction.