Tether (USDT) is 54894.0× the size of BRL1 (BRL1) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.25 across 42 shared trading days). BRL1 has been the more volatile of the two, at 17% annualised against USDT's 1%.
BRL1USDT
-0.25over 42 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 | BRL1 | USDT |
|---|---|---|
| Max drawdown (400d) | -10.5% | -0.2% |
| Risk-adjusted return (90d) | -0.21 | 0.03 |
Relative strength over 90 days: USDT outperformed BRL1 by 5.2% — measured on the BRL1/USDT ratio, so it holds regardless of market direction.