Commodity Market Exchange vs Tether

Tether (USDT) is 11934595.8× the size of Commodity Market Exchange (CME) by market capitalisation. Over the past 30 days, USDT is ahead by 49.8 percentage points (CME -49.8% against USDT -0.0%). Their daily returns move barely together (correlation 0.02 across 24 shared trading days). CME has been the more volatile of the two, at 116% annualised against USDT's 1%.

Correlation: 0.02
Size ratio: 1 : 11934595.8
Ahead over 30 days: USDT

Commodity Market ExchangeCME

$1.740e-5

24h: +0.40%
Market cap: $14,937
Volume 24h: $47
Volatility (ann.): 116%

TetherUSDT

$0.999398

24h: +0.04%
Market cap: $178.26B
Volume 24h: $64.34B
Volatility (ann.): 1%

CME 0.0%Share of the two combined market caps100.0% USDT

Performance

CMEUSDT

7 days-12.42%+0.03%USDT
30 days-49.82%-0.04%USDT

Correlation

0.02over 24 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: insufficient data90d: insufficient data1y: insufficient data

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.

Risk & extremes

Metric	CME	USDT
Max drawdown (400d)	-68.9%	-0.2%
Risk-adjusted return (90d)	-0.58	0.03

Relative strength over 90 days: USDT outperformed CME by 37.4% — measured on the CME/USDT ratio, so it holds regardless of market direction.

Commodity Market Exchange →Tether →