Tether (USDT) is 735952.3× the size of CoinbarPay (CBPAY) by market capitalisation. Their daily returns move loosely together (correlation 0.59 across 26 shared trading days). CBPAY has been the more volatile of the two, at 65% annualised against USDT's 1%.
CBPAYUSDT
0.59over 26 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 | CBPAY | USDT |
|---|---|---|
| Max drawdown (400d) | -47.9% | -0.2% |
| Risk-adjusted return (90d) | -0.22 | 0.03 |
Relative strength over 90 days: USDT outperformed CBPAY by 10.6% — measured on the CBPAY/USDT ratio, so it holds regardless of market direction.