Bitcoin USD (BTCFi) vs Tether

Tether (USDT) is 33712.5× the size of Bitcoin USD (BTCFi) (BTCUSD) by market capitalisation. Over the past 30 days, USDT is ahead by 0.0 percentage points (BTCUSD -0.1% against USDT -0.1%). Their daily returns move barely in opposite directions (correlation -0.07 across 30 shared trading days). BTCUSD has been the more volatile of the two, at 18% annualised against USDT's 1%.

Correlation: -0.07
Size ratio: 1 : 33712.5
Ahead over 30 days: USDT

Bitcoin USD (BTCFi)BTCUSD

$0.997608

24h: +0.23%
Market cap: $5.29M
Volume 24h: $14
Volatility (ann.): 18%

TetherUSDT

$0.999249

24h: +0.04%
Market cap: $178.24B
Volume 24h: $59.40B
Volatility (ann.): 1%

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

Performance

BTCUSDUSDT

7 days+0.00%+0.03%USDT
30 days-0.10%-0.08%USDT

Correlation

-0.07over 30 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.0790d: 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	BTCUSD	USDT
Max drawdown (400d)	-3.8%	-0.2%
Risk-adjusted return (90d)	-0.01	-0.03

Relative strength over 90 days: USDT outperformed BTCUSD by 0.0% — measured on the BTCUSD/USDT ratio, so it holds regardless of market direction.

Bitcoin USD (BTCFi) →Tether →