Tether (USDT) is 6649821.5× the size of Hashtagger (MOOO) by market capitalisation. Their daily returns move barely together (correlation 0.02 across 37 shared trading days). MOOO has been the more volatile of the two, at 45% annualised against USDT's 1%.
MOOOUSDT
0.02over 37 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 | MOOO | USDT |
|---|---|---|
| Max drawdown (400d) | -44.4% | -0.2% |
| Risk-adjusted return (90d) | -0.68 | -0.05 |
Relative strength over 90 days: USDT outperformed MOOO by 34.6% — measured on the MOOO/USDT ratio, so it holds regardless of market direction.