Tether (USDT) is 7548.2× the size of Fogo (FOGO) by market capitalisation. Their daily returns move barely together (correlation 0.33 across 31 shared trading days). FOGO has been the more volatile of the two, at 113% annualised against USDT's 0%.
| Period | FOGO | USDT | Ahead |
|---|---|---|---|
| 7 days | +2.91% | -0.01% | FOGO |
| 30 days | -25.00% | +0.05% | USDT |
| 90 days | -45.98% | — | — |
| Metric | FOGO | USDT |
|---|---|---|
| Max drawdown (400d) | -87.8% | -0.0% |
| Risk-adjusted return (90d) | -0.50 | 0.19 |
Relative strength over 90 days: USDT outperformed FOGO by 29.2% — measured on the FOGO/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.