Tether (USDT) is 4700.7× the size of ARCS (ARX) by market capitalisation. Over the past 30 days, USDT is ahead by 12.9 percentage points (ARX -12.8% against USDT +0.0%). Their daily returns move barely in opposite directions (correlation -0.23 across 26 shared trading days). ARX has been the more volatile of the two, at 60% annualised against USDT's 0%.
| Period | ARX | USDT | Ahead |
|---|---|---|---|
| 7 days | -0.29% | -0.01% | USDT |
| 30 days | -12.83% | +0.05% | USDT |
| Metric | ARX | USDT |
|---|---|---|
| Max drawdown (400d) | -14.3% | -0.0% |
| Risk-adjusted return (90d) | -0.21 | 0.19 |
Relative strength over 90 days: USDT outperformed ARX by 12.8% — measured on the ARX/USDT ratio, so it holds regardless of market direction.
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.