Tether (USDT) is 9778.9× the size of Cobak (CBK) by market capitalisation. Their daily returns move loosely together (correlation 0.49 across 37 shared trading days). CBK has been the more volatile of the two, at 62% annualised against USDT's 1%.
CBKUSDT
0.49over 37 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 | CBK | USDT |
|---|---|---|
| Max drawdown (400d) | -69.0% | -0.2% |
| Risk-adjusted return (90d) | 0.10 | -0.03 |
Relative strength over 90 days: CBK outperformed USDT by 22.1% — measured on the CBK/USDT ratio, so it holds regardless of market direction.