Hex Trust USD vs Tether

Tether (USDT) is 9071.4× the size of Hex Trust USD (USDX) by market capitalisation. Over the past 30 days, USDX is ahead by 0.6 percentage points (USDX +0.5% against USDT -0.1%). Their daily returns move barely in opposite directions (correlation -0.34 across 30 shared trading days). USDX has been the more volatile of the two, at 10% annualised against USDT's 1%.

Correlation: -0.34
Size ratio: 1 : 9071.4
Ahead over 30 days: USDX

Hex Trust USDUSDX

$0.990504

24h: —
Market cap: $19.64M
Volume 24h: $307
Volatility (ann.): 10%

TetherUSDT

$0.999009

24h: +0.04%
Market cap: $178.20B
Volume 24h: $49.39B
Volatility (ann.): 1%

USDX 0.0%Share of the two combined market caps100.0% USDT

Performance

USDXUSDT

7 days+1.17%+0.03%USDX
30 days+0.53%-0.08%USDX

Correlation

-0.34over 30 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.3490d: insufficient data1y: insufficient data

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.

Risk & extremes

Metric	USDX	USDT
Max drawdown (400d)	-1.5%	-0.2%
Risk-adjusted return (90d)	0.14	-0.03

Relative strength over 90 days: USDX outperformed USDT by 1.4% — measured on the USDX/USDT ratio, so it holds regardless of market direction.

Hex Trust USD →Tether →