Tether (USDT) is 54502438.0× the size of ForgeAI (FORGE) by market capitalisation. Their daily returns move barely together (correlation 0.14 across 25 shared trading days). FORGE has been the more volatile of the two, at 288% annualised against USDT's 1%.
FORGEUSDT
0.14over 25 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 | FORGE | USDT |
|---|---|---|
| Max drawdown (400d) | -99.8% | -0.2% |
| Risk-adjusted return (90d) | -0.37 | 0.03 |
Relative strength over 90 days: USDT outperformed FORGE by 96.7% — measured on the FORGE/USDT ratio, so it holds regardless of market direction.