Tether (USDT) is 160858.0× the size of Direxion Semiconductor Bear 3X ETF (bStocks Tokenized Stock) (SOXSB) by market capitalisation. Over the past 30 days, USDT is ahead by 9.0 percentage points (SOXSB -9.0% against USDT +0.0%). Their daily returns move barely in opposite directions (correlation -0.16 across 31 shared trading days). SOXSB has been the more volatile of the two, at 141% annualised against USDT's 0%.
| Period | SOXSB | USDT | Ahead |
|---|---|---|---|
| 7 days | -4.18% | -0.01% | USDT |
| 30 days | -8.97% | +0.05% | USDT |
| Metric | SOXSB | USDT |
|---|---|---|
| Max drawdown (400d) | -47.6% | -0.0% |
| Risk-adjusted return (90d) | -0.29 | 0.19 |
Relative strength over 90 days: SOXSB outperformed USDT by 26.7% — measured on the SOXSB/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.