Icosa (ETH) (ICSA) and Tether (USDT) compared side by side. Over the past 30 days, USDT is ahead by 49.5 percentage points (ICSA -49.6% against USDT -0.1%). Their daily returns move barely together (correlation 0.21 across 22 shared trading days). ICSA has been the more volatile of the two, at 194% annualised against USDT's 1%.
ICSAUSDT
0.21over 22 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 | ICSA | USDT |
|---|---|---|
| Max drawdown (400d) | -62.1% | -0.2% |
| Risk-adjusted return (90d) | -0.27 | -0.03 |
Relative strength over 90 days: USDT outperformed ICSA by 52.4% — measured on the ICSA/USDT ratio, so it holds regardless of market direction.