Fidelity Digital Dollar vs Tether

Tether (USDT) is 3805.3× the size of Fidelity Digital Dollar (FIDD) by market capitalisation. Over the past 30 days, FIDD is ahead by 0.1 percentage points (FIDD -0.0% against USDT -0.1%). Their daily returns move closely together (correlation 0.61 across 50 shared trading days). Both have run at a similar volatility, around 1% annualised.

Correlation: 0.61
Size ratio: 1 : 3805.3
Ahead over 30 days: FIDD

Fidelity Digital DollarFIDD

$0.999330

24h: +0.01%
Market cap: $46.83M
Volume 24h: $13.17M
Volatility (ann.): 1%

TetherUSDT

$0.999009

24h: +0.04%
Market cap: $178.20B
Volume 24h: $49.39B
Volatility (ann.): 1%

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

Performance

FIDDUSDT

7 days+0.04%+0.03%FIDD
30 days-0.02%-0.08%FIDD

Correlation

0.61over 50 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.6290d: 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	FIDD	USDT
Max drawdown (400d)	-0.1%	-0.2%
Risk-adjusted return (90d)	-0.06	-0.03

Relative strength over 90 days: FIDD outperformed USDT by 0.0% — measured on the FIDD/USDT ratio, so it holds regardless of market direction.

Fidelity Digital Dollar →Tether →