Tether (USDT) is 39.3× the size of Dai (DAI) by market capitalisation. Over the past 30 days, DAI is ahead by 0.1 percentage points (DAI +0.0% against USDT -0.1%). Their daily returns move loosely together (correlation 0.50 across 29 shared trading days). Both have run at a similar volatility, around 1% annualised.
DAIUSDT
0.50over 29 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 | DAI | USDT |
|---|---|---|
| Max drawdown (400d) | -0.1% | -0.2% |
| Risk-adjusted return (90d) | 0.03 | -0.05 |
Relative strength over 90 days: DAI outperformed USDT by 0.1% — measured on the DAI/USDT ratio, so it holds regardless of market direction.