USDS (USDS) is 2028.9× the size of ZARP Stablecoin (ZARP) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.15 across 40 shared trading days). ZARP has been the more volatile of the two, at 29% annualised against USDS's 1%.
ZARPUSDS
-0.15over 40 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 | ZARP | USDS |
|---|---|---|
| Max drawdown (400d) | -7.5% | -0.4% |
| Risk-adjusted return (90d) | -0.14 | 0.01 |
Relative strength over 90 days: USDS outperformed ZARP by 4.2% — measured on the ZARP/USDS ratio, so it holds regardless of market direction.