Tether (USDT) is 2323.9× the size of Circle xStock (CRCLX) by market capitalisation. Over the past 30 days, CRCLX is ahead by 12.6 percentage points (CRCLX +12.7% against USDT +0.0%). Their daily returns move closely together (correlation 0.70 across 29 shared trading days). CRCLX has been the more volatile of the two, at 107% annualised against USDT's 0%.
| Period | CRCLX | USDT | Ahead |
|---|---|---|---|
| 7 days | -10.26% | -0.01% | USDT |
| 30 days | +12.65% | +0.05% | CRCLX |
| Metric | CRCLX | USDT |
|---|---|---|
| Max drawdown (400d) | -22.8% | -0.0% |
| Risk-adjusted return (90d) | 0.12 | 0.19 |
Relative strength over 90 days: CRCLX outperformed USDT by 19.4% — measured on the CRCLX/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.