Alchemix USD vs Tether

Tether (USDT) is 17047.4× the size of Alchemix USD (ALUSD) by market capitalisation. Over the past 30 days, ALUSD is ahead by 2.0 percentage points (ALUSD +1.9% against USDT -0.0%). Their daily returns move barely in opposite directions (correlation -0.00 across 33 shared trading days). ALUSD has been the more volatile of the two, at 11% annualised against USDT's 1%.

Correlation: -0.00
Size ratio: 1 : 17047.4
Ahead over 30 days: ALUSD

Alchemix USDALUSD

$0.966953

24h: +0.57%
Market cap: $10.46M
Volume 24h: $127,604
Volatility (ann.): 11%

TetherUSDT

$0.999398

24h: +0.04%
Market cap: $178.26B
Volume 24h: $64.34B
Volatility (ann.): 1%

ALUSD 0.0%Share of the two combined market caps100.0% USDT

Performance

ALUSDUSDT

7 days+0.94%+0.03%ALUSD
30 days+1.92%-0.04%ALUSD

Correlation

-0.00over 33 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.0090d: insufficient data1y: insufficient data

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.

Risk & extremes

Metric	ALUSD	USDT
Max drawdown (400d)	-2.4%	-0.2%
Risk-adjusted return (90d)	0.19	0.03

Relative strength over 90 days: ALUSD outperformed USDT by 2.2% — measured on the ALUSD/USDT ratio, so it holds regardless of market direction.

Alchemix USD →Tether →