Tether (USDT) is 963821.9× the size of Helmet Insure (HELMET) by market capitalisation. Their daily returns move closely together (correlation 0.65 across 36 shared trading days). HELMET has been the more volatile of the two, at 53% annualised against USDT's 1%.
HELMETUSDT
0.65over 36 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 | HELMET | USDT |
|---|---|---|
| Max drawdown (400d) | -25.7% | -0.2% |
| Risk-adjusted return (90d) | 0.08 | 0.03 |
Relative strength over 90 days: HELMET outperformed USDT by 1.1% — measured on the HELMET/USDT ratio, so it holds regardless of market direction.