Tether (USDT) is 1033691.0× the size of BYTE by Virtuals (BYTE) by market capitalisation. Their daily returns move barely together (correlation 0.34 across 35 shared trading days). BYTE has been the more volatile of the two, at 109% annualised against USDT's 1%.
BYTEUSDT
0.34over 35 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 | BYTE | USDT |
|---|---|---|
| Max drawdown (400d) | -60.0% | -0.2% |
| Risk-adjusted return (90d) | -0.20 | 0.03 |
Relative strength over 90 days: USDT outperformed BYTE by 4.4% — measured on the BYTE/USDT ratio, so it holds regardless of market direction.