It's just a Dog vs Tether

Tether (USDT) is 11155576.4× the size of It's just a Dog (DOG) by market capitalisation. Over the past 30 days, USDT is ahead by 40.0 percentage points (DOG -40.1% against USDT -0.1%). Their daily returns move barely in opposite directions (correlation -0.01 across 24 shared trading days). DOG has been the more volatile of the two, at 61% annualised against USDT's 1%.

Correlation: -0.01
Size ratio: 1 : 11155576.4
Ahead over 30 days: USDT

It's just a DogDOG

$1.593e-5

24h: —
Market cap: $15,916
Volume 24h: —
Volatility (ann.): 61%

TetherUSDT

$0.998937

24h: -0.04%
Market cap: $177.56B
Volume 24h: $67.91B
Volatility (ann.): 1%

DOG 0.0%Share of the two combined market caps100.0% USDT

Performance

DOGUSDT

7 days-8.44%+0.07%USDT
30 days-40.09%-0.09%USDT

Correlation

-0.01over 24 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: insufficient data90d: insufficient data1y: insufficient data

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.

Risk & extremes

Metric	DOG	USDT
Max drawdown (400d)	-40.1%	-0.2%
Risk-adjusted return (90d)	-0.63	-0.05

Relative strength over 90 days: USDT outperformed DOG by 16.0% — measured on the DOG/USDT ratio, so it holds regardless of market direction.

It's just a Dog →Tether →