Tether (USDT) is 232.6× the size of Injective (INJ) by market capitalisation. Their daily returns move barely together (correlation 0.25 across 31 shared trading days). INJ has been the more volatile of the two, at 100% annualised against USDT's 0%.
| Period | INJ | USDT | Ahead |
|---|---|---|---|
| 7 days | +32.41% | -0.01% | INJ |
| 30 days | +66.21% | +0.05% | INJ |
| 90 days | +64.56% | — | — |
| 1 year | -42.74% | — | — |
| Metric | INJ | USDT |
|---|---|---|
| Max drawdown (400d) | -82.3% | -0.0% |
| Risk-adjusted return (90d) | 0.63 | 0.19 |
| Best 30 days (past year) | +92.8% | — |
| Worst 30 days (past year) | -49.6% | — |
Relative strength over 90 days: INJ outperformed USDT by 33.1% — measured on the INJ/USDT ratio, so it holds regardless of market direction.
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.