Tether (USDT) is 1707695.5× the size of Hex Orange Address (HOA) by market capitalisation. Their daily returns move closely together (correlation 0.70 across 39 shared trading days). HOA has been the more volatile of the two, at 182% annualised against USDT's 1%.
HOAUSDT
0.70over 39 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 | HOA | USDT |
|---|---|---|
| Max drawdown (400d) | -77.4% | -0.2% |
| Risk-adjusted return (90d) | -0.12 | 0.03 |
Relative strength over 90 days: USDT outperformed HOA by 61.8% — measured on the HOA/USDT ratio, so it holds regardless of market direction.