f(x) Protocol fxUSD vs Tether

Tether (USDT) is 2075.7× the size of f(x) Protocol fxUSD (FXUSD) by market capitalisation. Over the past 30 days, FXUSD is ahead by 0.1 percentage points (FXUSD +0.0% against USDT -0.0%). Their daily returns move barely together (correlation 0.07 across 55 shared trading days). FXUSD has been the more volatile of the two, at 1% annualised against USDT's 1%.

Correlation: 0.07
Size ratio: 1 : 2075.7
Ahead over 30 days: FXUSD

f(x) Protocol fxUSDFXUSD

$1.0000

24h: +0.02%
Market cap: $85.88M
Volume 24h: $71.85M
Volatility (ann.): 1%

TetherUSDT

$0.999386

24h: +0.04%
Market cap: $178.26B
Volume 24h: $63.78B
Volatility (ann.): 1%

FXUSD 0.0%Share of the two combined market caps100.0% USDT

Performance

FXUSDUSDT

7 days+0.00%+0.03%USDT
30 days+0.05%-0.04%FXUSD

Correlation

0.07over 55 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.0190d: insufficient data1y: insufficient data

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.

Risk & extremes

Metric	FXUSD	USDT
Max drawdown (400d)	-0.2%	-0.2%
Risk-adjusted return (90d)	0.10	0.03

Relative strength over 90 days: FXUSD outperformed USDT by 0.1% — measured on the FXUSD/USDT ratio, so it holds regardless of market direction.

f(x) Protocol fxUSD →Tether →