Tether (USDT) is 188114.5× the size of Fluence Energy (bStocks Tokenized Stock) (FLNCB) by market capitalisation. Over the past 30 days, USDT is ahead by 35.8 percentage points (FLNCB -35.7% against USDT +0.0%). Their daily returns move barely together (correlation 0.10 across 31 shared trading days). FLNCB has been the more volatile of the two, at 136% annualised against USDT's 0%.
| Period | FLNCB | USDT | Ahead |
|---|---|---|---|
| 7 days | -26.33% | -0.01% | USDT |
| 30 days | -35.70% | +0.05% | USDT |
| Metric | FLNCB | USDT |
|---|---|---|
| Max drawdown (400d) | -54.4% | -0.0% |
| Risk-adjusted return (90d) | -0.29 | 0.19 |
Relative strength over 90 days: USDT outperformed FLNCB by 30.0% — measured on the FLNCB/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.