Ethena USDe (USDE) is 1245.0× the size of ZAR Universal (ZARU) by market capitalisation. Their daily returns move loosely together (correlation 0.45 across 25 shared trading days). ZARU has been the more volatile of the two, at 10% annualised against USDE's 1%.
ZARUUSDE
0.45over 25 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 | ZARU | USDE |
|---|---|---|
| Max drawdown (400d) | -2.9% | -0.3% |
| Risk-adjusted return (90d) | -0.14 | 0.05 |
| Best 30 days (past year) | — | +0.1% |
| Worst 30 days (past year) | — | -0.1% |
Relative strength over 90 days: USDE outperformed ZARU by 1.5% — measured on the ZARU/USDE ratio, so it holds regardless of market direction.