Book of Binance vs Tether

Tether (USDT) is 1031310.5× the size of Book of Binance (BOOK) by market capitalisation. Over the past 30 days, USDT is ahead by 42.5 percentage points (BOOK -42.6% against USDT -0.0%). Their daily returns move barely together (correlation 0.11 across 21 shared trading days). BOOK has been the more volatile of the two, at 80% annualised against USDT's 1%.

Correlation: 0.11
Size ratio: 1 : 1031310.5
Ahead over 30 days: USDT

Book of BinanceBOOK

$0.000933

24h: —
Market cap: $172,856
Volume 24h: $124
Volatility (ann.): 80%

TetherUSDT

$0.999408

24h: +0.05%
Market cap: $178.27B
Volume 24h: $58.03B
Volatility (ann.): 1%

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

Performance

BOOKUSDT

7 days-4.85%+0.03%USDT
30 days-42.55%-0.04%USDT

Correlation

0.11over 21 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: insufficient data90d: 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	BOOK	USDT
Max drawdown (400d)	-44.7%	-0.2%
Risk-adjusted return (90d)	-0.53	0.03

Relative strength over 90 days: USDT outperformed BOOK by 35.5% — measured on the BOOK/USDT ratio, so it holds regardless of market direction.

Book of Binance →Tether →