Tether (USDT) is 1656213.8× the size of Cronos Legends (CLG) by market capitalisation. Their daily returns move barely together (correlation 0.03 across 22 shared trading days). CLG has been the more volatile of the two, at 147% annualised against USDT's 1%.
CLGUSDT
0.03over 22 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 | CLG | USDT |
|---|---|---|
| Max drawdown (400d) | -38.0% | -0.2% |
| Risk-adjusted return (90d) | 0.03 | -0.05 |
Relative strength over 90 days: USDT outperformed CLG by 4.0% — measured on the CLG/USDT ratio, so it holds regardless of market direction.