Arbitrage Ape vs Tether

Tether (USDT) is 4508989.2× the size of Arbitrage Ape (AA) by market capitalisation. Over the past 30 days, USDT is ahead by 98.9 percentage points (AA -99.0% against USDT -0.1%). Their daily returns move barely together (correlation 0.01 across 22 shared trading days). AA has been the more volatile of the two, at 1471% annualised against USDT's 1%.

Correlation: 0.01
Size ratio: 1 : 4508989.2
Ahead over 30 days: USDT

Arbitrage ApeAA

$3.952e-5

24h: +19.01%
Market cap: $39,521
Volume 24h: $987
Volatility (ann.): 1471%

TetherUSDT

$0.999025

24h: +0.04%
Market cap: $178.20B
Volume 24h: $50.02B
Volatility (ann.): 1%

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

Performance

AAUSDT

7 days-85.89%+0.03%USDT
30 days-98.95%-0.08%USDT

Correlation

0.01over 22 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: insufficient data90d: 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	AA	USDT
Max drawdown (400d)	-99.2%	-0.2%
Risk-adjusted return (90d)	-0.07	-0.03

Relative strength over 90 days: USDT outperformed AA by 98.6% — measured on the AA/USDT ratio, so it holds regardless of market direction.

Arbitrage Ape →Tether →