Tether (USDT) is 50736.1× the size of Coherent (bStocks Tokenized Stock) (COHRB) by market capitalisation. Over the past 30 days, COHRB is ahead by 9.0 percentage points (COHRB +9.0% against USDT +0.0%). Their daily returns move barely in opposite directions (correlation -0.07 across 31 shared trading days). COHRB has been the more volatile of the two, at 99% annualised against USDT's 0%.
| Period | COHRB | USDT | Ahead |
|---|---|---|---|
| 7 days | +3.42% | -0.01% | COHRB |
| 30 days | +9.04% | +0.05% | COHRB |
| Metric | COHRB | USDT |
|---|---|---|
| Max drawdown (400d) | -31.8% | -0.0% |
| Risk-adjusted return (90d) | -0.03 | 0.19 |
Relative strength over 90 days: USDT outperformed COHRB by 18.1% — measured on the COHRB/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.