Tether (USDT) is 2097880.6× the size of Hourglass (WAIT) by market capitalisation. Their daily returns move loosely together (correlation 0.48 across 40 shared trading days). WAIT has been the more volatile of the two, at 87% annualised against USDT's 1%.
WAITUSDT
0.48over 40 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 | WAIT | USDT |
|---|---|---|
| Max drawdown (400d) | -46.4% | -0.2% |
| Risk-adjusted return (90d) | 0.51 | 0.03 |
Relative strength over 90 days: WAIT outperformed USDT by 30.2% — measured on the WAIT/USDT ratio, so it holds regardless of market direction.