Fiat - collateralized: Quantify risk by analyzing reserve audit frequency and transparency. Calculate potential losses if the peg breaks. Return is often minimal, like small interest. Crypto - collateralized: Measure collateral volatility. For DAI (collateralized by ETH), analyze ETH - DAI price correlation. Return depends on borrowing rates and collateral fees. Algorithmic: Evaluate algorithm complexity and historical performance during market stress to estimate risk and return related to seigniorage mechanisms.