Tether (USDT) is 8841012.0× the size of Enki (ENKI) by market capitalisation. Their daily returns move closely together (correlation 0.61 across 26 shared trading days). ENKI has been the more volatile of the two, at 134% annualised against USDT's 1%.
ENKIUSDT
0.61over 26 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 | ENKI | USDT |
|---|---|---|
| Max drawdown (400d) | -73.0% | -0.2% |
| Risk-adjusted return (90d) | -0.28 | 0.03 |
Relative strength over 90 days: USDT outperformed ENKI by 57.5% — measured on the ENKI/USDT ratio, so it holds regardless of market direction.