Tether (USDT) is 205369.6× the size of Chain-key USDT (CKUSDT) by market capitalisation. Their daily returns move loosely together (correlation 0.44 across 45 shared trading days). CKUSDT has been the more volatile of the two, at 12% annualised against USDT's 1%.
CKUSDTUSDT
0.44over 45 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 | CKUSDT | USDT |
|---|---|---|
| Max drawdown (400d) | -8.4% | -0.2% |
| Risk-adjusted return (90d) | 0.15 | -0.03 |
Relative strength over 90 days: CKUSDT outperformed USDT by 0.4% — measured on the CKUSDT/USDT ratio, so it holds regardless of market direction.