Tether (USDT) is 486.1× the size of Derive (DRV) by market capitalisation. Over the past 30 days, DRV is ahead by 44.2 percentage points (DRV +44.2% against USDT +0.0%). Their daily returns move barely together (correlation 0.12 across 30 shared trading days). DRV has been the more volatile of the two, at 181% annualised against USDT's 0%.
| Period | DRV | USDT | Ahead |
|---|---|---|---|
| 7 days | -18.53% | -0.01% | USDT |
| 30 days | +44.21% | +0.05% | DRV |
| Metric | DRV | USDT |
|---|---|---|
| Max drawdown (400d) | -24.6% | -0.0% |
| Risk-adjusted return (90d) | 0.24 | 0.19 |
Relative strength over 90 days: DRV outperformed USDT by 46.2% — measured on the DRV/USDT ratio, so it holds regardless of market direction.
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.