Ethena USDe (USDE) is 33599.3× the size of Zephyr Protocol Stable Dollar (ZSD) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.11 across 31 shared trading days). ZSD has been the more volatile of the two, at 19% annualised against USDE's 0%.
$0.995480
ZSDUSDE
-0.11over 31 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 | ZSD | USDE |
|---|---|---|
| Max drawdown (400d) | -3.0% | -0.3% |
| Risk-adjusted return (90d) | 0.08 | -0.05 |
| Best 30 days (past year) | — | +0.1% |
| Worst 30 days (past year) | — | -0.1% |
Relative strength over 90 days: ZSD outperformed USDE by 1.5% — measured on the ZSD/USDE ratio, so it holds regardless of market direction.