Tether (USDT) is 1269936.6× the size of Gains (GAINS) by market capitalisation. Their daily returns move loosely together (correlation 0.54 across 24 shared trading days). GAINS has been the more volatile of the two, at 84% annualised against USDT's 1%.
GAINSUSDT
0.54over 24 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 | GAINS | USDT |
|---|---|---|
| Max drawdown (400d) | -84.6% | -0.2% |
| Risk-adjusted return (90d) | -0.64 | 0.03 |
Relative strength over 90 days: GAINS outperformed USDT by 2.1% — measured on the GAINS/USDT ratio, so it holds regardless of market direction.