Instadapp ETH v2 (IETH V2) and Tether (USDT) compared side by side. Over the past 30 days, USDT is ahead by 16.3 percentage points (IETH V2 -16.4% against USDT -0.1%). Their daily returns move barely together (correlation 0.14 across 23 shared trading days). IETH V2 has been the more volatile of the two, at 39% annualised against USDT's 1%.
IETH V2USDT
0.14over 23 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 | IETH V2 | USDT |
|---|---|---|
| Max drawdown (400d) | -17.4% | -0.2% |
| Risk-adjusted return (90d) | -0.42 | -0.03 |
Relative strength over 90 days: USDT outperformed IETH V2 by 10.3% — measured on the IETH V2/USDT ratio, so it holds regardless of market direction.