HNB Protocol (HNB) and Tether (USDT) compared side by side. Their daily returns move barely in opposite directions (correlation -0.18 across 35 shared trading days). HNB has been the more volatile of the two, at 254% annualised against USDT's 1%.
HNBUSDT
-0.18over 35 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 | HNB | USDT |
|---|---|---|
| Max drawdown (400d) | -98.7% | -0.2% |
| Risk-adjusted return (90d) | -0.49 | 0.03 |
Relative strength over 90 days: USDT outperformed HNB by 67.7% — measured on the HNB/USDT ratio, so it holds regardless of market direction.