Convex FXS vs Tether

Convex FXS (CVXFXS) and Tether (USDT) compared side by side. Over the past 30 days, USDT is ahead by 24.1 percentage points (CVXFXS -24.1% against USDT -0.0%). Their daily returns move loosely together (correlation 0.36 across 20 shared trading days). CVXFXS has been the more volatile of the two, at 74% annualised against USDT's 1%.

Correlation: 0.36
Ahead over 30 days: USDT

Convex FXSCVXFXS

$0.106783

24h: -1.54%
Market cap: —
Volume 24h: $4
Volatility (ann.): 74%

TetherUSDT

$0.999376

24h: +0.05%
Market cap: $178.26B
Volume 24h: $63.69B
Volatility (ann.): 1%

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

Performance

CVXFXSUSDT

7 days-4.64%+0.03%USDT
30 days-24.11%-0.04%USDT

Correlation

0.36over 20 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	CVXFXS	USDT
Max drawdown (400d)	-26.2%	-0.2%
Risk-adjusted return (90d)	-0.32	0.03

Relative strength over 90 days: USDT outperformed CVXFXS by 24.4% — measured on the CVXFXS/USDT ratio, so it holds regardless of market direction.

Convex FXS →Tether →