Frax USD vs Tether

Tether (USDT) is 1818.0× the size of Frax USD (FRXUSD) by market capitalisation. Over the past 30 days, FRXUSD is ahead by 0.1 percentage points (FRXUSD +0.0% against USDT -0.1%). Their daily returns move closely together (correlation 0.73 across 54 shared trading days). USDT has been the more volatile of the two, at 1% annualised against FRXUSD's 0%.

Correlation: 0.73
Size ratio: 1 : 1818.0
Ahead over 30 days: FRXUSD

Frax USDFRXUSD

$1.0000

24h: +0.01%
Market cap: $98.06M
Volume 24h: $5.14M
Volatility (ann.): 0%

TetherUSDT

$0.999392

24h: +0.02%
Market cap: $178.27B
Volume 24h: $63.63B
Volatility (ann.): 1%

FRXUSD 0.1%Share of the two combined market caps99.9% USDT

Performance

FRXUSDUSDT

7 days+0.03%+0.03%FRXUSD
30 days+0.03%-0.08%FRXUSD

Correlation

0.73over 54 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.8690d: 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	FRXUSD	USDT
Max drawdown (400d)	-0.1%	-0.2%
Risk-adjusted return (90d)	0.02	-0.03

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

Frax USD →Tether →