Curve.fi FRAX/USDC vs Tether

Tether (USDT) is 96277.2× the size of Curve.fi FRAX/USDC (CRVFRAX) by market capitalisation. Over the past 30 days, CRVFRAX is ahead by 0.1 percentage points (CRVFRAX -0.0% against USDT -0.1%). Their daily returns move barely in opposite directions (correlation -0.30 across 30 shared trading days). CRVFRAX has been the more volatile of the two, at 18% annualised against USDT's 1%.

Correlation: -0.30
Size ratio: 1 : 96277.2
Ahead over 30 days: CRVFRAX

Curve.fi FRAX/USDCCRVFRAX

$1.0110

24h: +0.12%
Market cap: $1.85M
Volume 24h: $35,724
Volatility (ann.): 18%

TetherUSDT

$0.998947

24h: +0.03%
Market cap: $178.19B
Volume 24h: $48.71B
Volatility (ann.): 1%

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

Performance

CRVFRAXUSDT

7 days-0.61%+0.03%USDT
30 days-0.02%-0.08%CRVFRAX

Correlation

-0.30over 30 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.3090d: 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	CRVFRAX	USDT
Max drawdown (400d)	-3.3%	-0.2%
Risk-adjusted return (90d)	0.00	-0.03

Relative strength over 90 days: CRVFRAX outperformed USDT by 0.2% — measured on the CRVFRAX/USDT ratio, so it holds regardless of market direction.

Curve.fi FRAX/USDC →Tether →