Tether (USDT) is 1143.0× the size of Onyxcoin (XCN) by market capitalisation. Over the past 30 days, XCN is ahead by 41.3 percentage points (XCN +41.4% against USDT +0.0%). Their daily returns move barely together (correlation 0.22 across 30 shared trading days). XCN has been the more volatile of the two, at 116% annualised against USDT's 0%.
| Period | XCN | USDT | Ahead |
|---|---|---|---|
| 7 days | +6.16% | -0.01% | XCN |
| 30 days | +41.37% | +0.05% | XCN |
| Metric | XCN | USDT |
|---|---|---|
| Max drawdown (400d) | -15.5% | -0.0% |
| Risk-adjusted return (90d) | 0.36 | 0.19 |
Relative strength over 90 days: XCN outperformed USDT by 43.4% — measured on the XCN/USDT ratio, so it holds regardless of market direction.
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.