Tether (USDT) is 458.5× the size of Falcon Finance (FF) by market capitalisation. Their daily returns move loosely in opposite directions (correlation -0.43 across 31 shared trading days). FF has been the more volatile of the two, at 131% annualised against USDT's 0%.
| Period | FF | USDT | Ahead |
|---|---|---|---|
| 7 days | -15.24% | -0.01% | USDT |
| 30 days | +93.94% | +0.05% | FF |
| 90 days | +79.51% | — | — |
| 1 year | -55.04% | — | — |
| Metric | FF | USDT |
|---|---|---|
| Max drawdown (400d) | -79.3% | -0.0% |
| Risk-adjusted return (90d) | 0.78 | 0.19 |
Relative strength over 90 days: FF outperformed USDT by 114.1% — measured on the FF/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.