Equalizer (BASE) (SCALE) and Tether (USDT) compared side by side. Over the past 30 days, USDT is ahead by 13.9 percentage points (SCALE -14.0% against USDT -0.1%). Their daily returns move barely in opposite directions (correlation -0.12 across 23 shared trading days). SCALE has been the more volatile of the two, at 53% annualised against USDT's 1%.
SCALEUSDT
-0.12over 23 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 | SCALE | USDT |
|---|---|---|
| Max drawdown (400d) | -20.5% | -0.2% |
| Risk-adjusted return (90d) | -0.18 | -0.03 |
Relative strength over 90 days: USDT outperformed SCALE by 1.6% — measured on the SCALE/USDT ratio, so it holds regardless of market direction.