Tether (USDT) is 213016.3× the size of Cigarette (CIG) by market capitalisation. Their daily returns move barely together (correlation 0.02 across 23 shared trading days). CIG has been the more volatile of the two, at 138% annualised against USDT's 1%.
CIGUSDT
0.02over 23 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 | CIG | USDT |
|---|---|---|
| Max drawdown (400d) | -63.0% | -0.2% |
| Risk-adjusted return (90d) | -0.42 | -0.03 |
Relative strength over 90 days: USDT outperformed CIG by 13.3% — measured on the CIG/USDT ratio, so it holds regardless of market direction.