USD1 (USD1) is 27430.0× the size of Zephyr Protocol Stable Dollar (ZSD) by market capitalisation. Their daily returns move barely together (correlation 0.14 across 31 shared trading days). ZSD has been the more volatile of the two, at 19% annualised against USD1's 1%.
$0.995480
ZSDUSD1
0.14over 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 | USD1 |
|---|---|---|
| Max drawdown (400d) | -3.0% | -0.4% |
| Risk-adjusted return (90d) | 0.08 | -0.14 |
| Best 30 days (past year) | — | +0.3% |
| Worst 30 days (past year) | — | -0.2% |
Relative strength over 90 days: ZSD outperformed USD1 by 1.5% — measured on the ZSD/USD1 ratio, so it holds regardless of market direction.