apxUSD vs Tether

Tether (USDT) is 589.5× the size of apxUSD (APXUSD) by market capitalisation. Over the past 30 days, APXUSD is ahead by 2.2 percentage points (APXUSD +2.1% against USDT -0.1%). Their daily returns move barely together (correlation 0.16 across 58 shared trading days). APXUSD has been the more volatile of the two, at 9% annualised against USDT's 1%.

Correlation: 0.16
Size ratio: 1 : 589.5
Ahead over 30 days: APXUSD

apxUSDAPXUSD

$0.992961

24h: -0.01%
Market cap: $302.26M
Volume 24h: $2.79M
Volatility (ann.): 9%

TetherUSDT

$0.998961

24h: +0.03%
Market cap: $178.19B
Volume 24h: $49.81B
Volatility (ann.): 1%

APXUSD 0.2%Share of the two combined market caps99.8% USDT

Performance

APXUSDUSDT

7 days+0.43%+0.03%APXUSD
30 days+2.11%-0.08%APXUSD

Correlation

0.16over 58 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.1990d: 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	APXUSD	USDT
Max drawdown (400d)	-2.1%	-0.2%
Risk-adjusted return (90d)	0.70	-0.03

Relative strength over 90 days: APXUSD outperformed USDT by 6.5% — measured on the APXUSD/USDT ratio, so it holds regardless of market direction.

apxUSD →Tether →