Tether (USDT) is 2315.7× the size of Diem (DIEM) by market capitalisation. Over the past 30 days, DIEM is ahead by 30.2 percentage points (DIEM +30.2% against USDT +0.0%). Their daily returns move barely in opposite directions (correlation -0.01 across 28 shared trading days). DIEM has been the more volatile of the two, at 160% annualised against USDT's 0%.
| Period | DIEM | USDT | Ahead |
|---|---|---|---|
| 7 days | +12.38% | -0.01% | DIEM |
| 30 days | +30.24% | +0.05% | DIEM |
| Metric | DIEM | USDT |
|---|---|---|
| Max drawdown (400d) | -23.7% | -0.0% |
| Risk-adjusted return (90d) | 0.19 | 0.19 |
Relative strength over 90 days: DIEM outperformed USDT by 11.9% — measured on the DIEM/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.