Convex FXN vs Tether

Convex FXN (CVXFXN) and Tether (USDT) compared side by side. Over the past 30 days, USDT is ahead by 46.3 percentage points (CVXFXN -46.4% against USDT -0.1%). Their daily returns move loosely in opposite directions (correlation -0.37 across 23 shared trading days). CVXFXN has been the more volatile of the two, at 107% annualised against USDT's 1%.

Correlation: -0.37
Ahead over 30 days: USDT

Convex FXNCVXFXN

$17.8000

24h: -1.51%
Market cap: —
Volume 24h: $813
Volatility (ann.): 107%

TetherUSDT

$0.999278

24h: +0.02%
Market cap: $178.25B
Volume 24h: $62.50B
Volatility (ann.): 1%

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

Performance

CVXFXNUSDT

7 days-10.90%+0.03%USDT
30 days-46.38%-0.08%USDT

Correlation

-0.37over 23 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	CVXFXN	USDT
Max drawdown (400d)	-49.7%	-0.2%
Risk-adjusted return (90d)	-0.43	-0.03

Relative strength over 90 days: USDT outperformed CVXFXN by 17.1% — measured on the CVXFXN/USDT ratio, so it holds regardless of market direction.

Convex FXN →Tether →