Tether (USDT) is 1435475.7× the size of DRAGON (DRAGON) by market capitalisation. Their daily returns move closely together (correlation 0.74 across 29 shared trading days). DRAGON has been the more volatile of the two, at 106% annualised against USDT's 1%.
DRAGONUSDT
0.74over 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 | DRAGON | USDT |
|---|---|---|
| Max drawdown (400d) | -91.8% | -0.2% |
| Risk-adjusted return (90d) | -0.65 | 0.03 |
Relative strength over 90 days: USDT outperformed DRAGON by 26.9% — measured on the DRAGON/USDT ratio, so it holds regardless of market direction.