Bit Hotel (BTH) and Tether (USDT) compared side by side. Over the past 30 days, BTH is ahead by 19.6 percentage points (BTH +19.5% against USDT -0.1%). Their daily returns move barely together (correlation 0.18 across 22 shared trading days). BTH has been the more volatile of the two, at 77% annualised against USDT's 1%.
BTHUSDT
0.18over 22 shared trading days
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.
| Metric | BTH | USDT |
|---|---|---|
| Max drawdown (400d) | -7.6% | -0.2% |
| Risk-adjusted return (90d) | 0.25 | -0.03 |
Relative strength over 90 days: BTH outperformed USDT by 23.4% — measured on the BTH/USDT ratio, so it holds regardless of market direction.