Tether (USDT) is 236.1× the size of Janus Henderson Anemoy AAA CLO Fund (JAAA) by market capitalisation. Over the past 30 days, JAAA is ahead by 0.4 percentage points (JAAA +0.5% against USDT +0.0%). Their daily returns move barely in opposite directions (correlation -0.12 across 31 shared trading days). JAAA has been the more volatile of the two, at 1% annualised against USDT's 0%.
| Period | JAAA | USDT | Ahead |
|---|---|---|---|
| 7 days | +0.10% | -0.01% | JAAA |
| 30 days | +0.48% | +0.05% | JAAA |
| Metric | JAAA | USDT |
|---|---|---|
| Max drawdown (400d) | 0.0% | -0.0% |
| Risk-adjusted return (90d) | 0.69 | 0.19 |
Relative strength over 90 days: JAAA outperformed USDT by 0.4% — measured on the JAAA/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.