Dice Protocol vs Tether

Tether (USDT) is 9675631.6× the size of Dice Protocol (DICE) by market capitalisation. Over the past 30 days, USDT is ahead by 84.7 percentage points (DICE -84.8% against USDT -0.0%). Their daily returns move barely in opposite directions (correlation -0.32 across 24 shared trading days). DICE has been the more volatile of the two, at 427% annualised against USDT's 1%.

Correlation: -0.32
Size ratio: 1 : 9675631.6
Ahead over 30 days: USDT

Dice ProtocolDICE

$1.884e-5

24h: -21.18%
Market cap: $18,348
Volume 24h: $1,792
Volatility (ann.): 427%

TetherUSDT

$0.999024

24h: -0.04%
Market cap: $177.53B
Volume 24h: $62.24B
Volatility (ann.): 1%

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

Performance

DICEUSDT

7 days-68.37%+0.03%USDT
30 days-84.78%-0.04%USDT

Correlation

-0.32over 24 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: insufficient data90d: 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	DICE	USDT
Max drawdown (400d)	-89.6%	-0.2%
Risk-adjusted return (90d)	-0.21	0.03

Relative strength over 90 days: USDT outperformed DICE by 81.8% — measured on the DICE/USDT ratio, so it holds regardless of market direction.

Dice Protocol →Tether →