Tether (USDT) is 11365.8× the size of Coinbase (bStocks Tokenized Stock) (COINB) by market capitalisation. Their daily returns move closely together (correlation 0.61 across 31 shared trading days). COINB has been the more volatile of the two, at 79% annualised against USDT's 0%.
| Period | COINB | USDT | Ahead |
|---|---|---|---|
| 7 days | +10.99% | -0.01% | COINB |
| 30 days | +12.80% | +0.05% | COINB |
| 90 days | +19.39% | — | — |
| Metric | COINB | USDT |
|---|---|---|
| Max drawdown (400d) | -18.0% | -0.0% |
| Risk-adjusted return (90d) | 0.25 | 0.19 |
Relative strength over 90 days: COINB outperformed USDT by 14.4% — measured on the COINB/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.