Tether (USDT) is 14083.6× the size of Handy (HANDY) by market capitalisation. Their daily returns move loosely in opposite directions (correlation -0.46 across 40 shared trading days). HANDY has been the more volatile of the two, at 177% annualised against USDT's 1%.
HANDYUSDT
-0.46over 40 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 | HANDY | USDT |
|---|---|---|
| Max drawdown (400d) | -79.3% | -0.2% |
| Risk-adjusted return (90d) | -0.23 | -0.03 |
| Best 30 days (past year) | +121.1% | — |
| Worst 30 days (past year) | -67.1% | — |
Relative strength over 90 days: HANDY outperformed USDT by 38.2% — measured on the HANDY/USDT ratio, so it holds regardless of market direction.