Tether (USDT) is 2144115.8× the size of HYDT (HYDT) by market capitalisation. Over the past 30 days, USDT is ahead by 0.1 percentage points (HYDT -0.1% against USDT -0.0%). Their daily returns move barely together (correlation 0.33 across 24 shared trading days). Both have run at a similar volatility, around 1% annualised.
HYDTUSDT
0.33over 24 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 | HYDT | USDT |
|---|---|---|
| Max drawdown (400d) | -0.2% | -0.2% |
| Risk-adjusted return (90d) | -0.21 | 0.03 |
Relative strength over 90 days: USDT outperformed HYDT by 0.1% — measured on the HYDT/USDT ratio, so it holds regardless of market direction.