Tether (USDT) is 14985092.3× the size of CoTrader (COT) by market capitalisation. Their daily returns move loosely together (correlation 0.58 across 28 shared trading days). COT has been the more volatile of the two, at 146% annualised against USDT's 1%.
COTUSDT
0.58over 28 shared trading days
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.
| Metric | COT | USDT |
|---|---|---|
| Max drawdown (400d) | -94.0% | -0.2% |
| Risk-adjusted return (90d) | -0.45 | -0.05 |
Relative strength over 90 days: USDT outperformed COT by 86.2% — measured on the COT/USDT ratio, so it holds regardless of market direction.