Felix (FLX) and Tether (USDT) compared side by side. Over the past 30 days, USDT is ahead by 10.9 percentage points (FLX -10.9% against USDT -0.0%). Their daily returns move barely in opposite directions (correlation -0.17 across 21 shared trading days). FLX has been the more volatile of the two, at 39% annualised against USDT's 1%.
FLXUSDT
-0.17over 21 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 | FLX | USDT |
|---|---|---|
| Max drawdown (400d) | -13.2% | -0.2% |
| Risk-adjusted return (90d) | -0.28 | 0.03 |
Relative strength over 90 days: USDT outperformed FLX by 8.0% — measured on the FLX/USDT ratio, so it holds regardless of market direction.