Tether (USDT) is 18836.9× the size of Bella Protocol (BEL) by market capitalisation. Their daily returns move barely together (correlation 0.24 across 31 shared trading days). BEL has been the more volatile of the two, at 121% annualised against USDT's 0%.
| Period | BEL | USDT | Ahead |
|---|---|---|---|
| 7 days | +5.28% | -0.01% | BEL |
| 30 days | +8.42% | +0.05% | BEL |
| 90 days | -26.34% | — | — |
| 1 year | -51.36% | — | — |
| Metric | BEL | USDT |
|---|---|---|
| Max drawdown (400d) | -75.6% | -0.0% |
| Risk-adjusted return (90d) | -0.20 | 0.19 |
| Best 30 days (past year) | +98.4% | — |
| Worst 30 days (past year) | -47.8% | — |
Relative strength over 90 days: BEL outperformed USDT by 2.8% — measured on the BEL/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.