Argentine Peso vs Tether

Tether (USDT) is 1020056.4× the size of Argentine Peso (WARS) by market capitalisation. Over the past 30 days, USDT is ahead by 4.9 percentage points (WARS -4.9% against USDT -0.0%). Their daily returns move barely together (correlation 0.14 across 27 shared trading days). WARS has been the more volatile of the two, at 12% annualised against USDT's 1%.

Correlation: 0.14
Size ratio: 1 : 1020056.4
Ahead over 30 days: USDT

Argentine PesoWARS

$0.000601

24h: -0.71%
Market cap: $174,769
Volume 24h: $77,734
Volatility (ann.): 12%

TetherUSDT

$0.999442

24h: +0.05%
Market cap: $178.27B
Volume 24h: $57.26B
Volatility (ann.): 1%

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

Performance

WARSUSDT

7 days-1.12%+0.03%USDT
30 days-4.94%-0.04%USDT

Correlation

0.14over 27 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.1490d: 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	WARS	USDT
Max drawdown (400d)	-5.5%	-0.2%
Risk-adjusted return (90d)	-0.36	0.03

Relative strength over 90 days: USDT outperformed WARS by 4.4% — measured on the WARS/USDT ratio, so it holds regardless of market direction.

Argentine Peso →Tether →