Convergence vs Tether

Tether (USDT) is 3756184.7× the size of Convergence (CONV) by market capitalisation. Over the past 30 days, USDT is ahead by 11.2 percentage points (CONV -11.3% against USDT -0.0%). Their daily returns move barely together (correlation 0.32 across 24 shared trading days). CONV has been the more volatile of the two, at 45% annualised against USDT's 1%.

Correlation: 0.32
Size ratio: 1 : 3756184.7
Ahead over 30 days: USDT

ConvergenceCONV

$7.130e-6

24h: +3.59%
Market cap: $47,257
Volume 24h: $52
Volatility (ann.): 45%

TetherUSDT

$0.998912

24h: -0.04%
Market cap: $177.51B
Volume 24h: $64.05B
Volatility (ann.): 1%

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

Performance

CONVUSDT

7 days+0.46%+0.03%CONV
30 days-11.25%-0.04%USDT

Correlation

0.32over 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	CONV	USDT
Max drawdown (400d)	-17.5%	-0.2%
Risk-adjusted return (90d)	-0.23	0.03

Relative strength over 90 days: USDT outperformed CONV by 3.8% — measured on the CONV/USDT ratio, so it holds regardless of market direction.

Convergence →Tether →