JPY Coin v1 vs Tether

Tether (USDT) is 7993.5× the size of JPY Coin v1 (JPYC) by market capitalisation. Over the past 30 days, USDT is ahead by 5.8 percentage points (JPYC -5.9% against USDT -0.1%). Their daily returns move barely together (correlation 0.06 across 28 shared trading days). JPYC has been the more volatile of the two, at 127% annualised against USDT's 1%.

Correlation: 0.06
Size ratio: 1 : 7993.5
Ahead over 30 days: USDT

JPY Coin v1JPYC

$0.009032

24h: +0.29%
Market cap: $22.29M
Volume 24h: $45
Volatility (ann.): 127%

TetherUSDT

$0.999009

24h: +0.04%
Market cap: $178.20B
Volume 24h: $49.39B
Volatility (ann.): 1%

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

Performance

JPYCUSDT

7 days+0.27%+0.03%JPYC
30 days-5.89%-0.08%USDT

Correlation

0.06over 28 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.0690d: 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	JPYC	USDT
Max drawdown (400d)	-36.5%	-0.2%
Risk-adjusted return (90d)	0.01	-0.03

Relative strength over 90 days: JPYC outperformed USDT by 1.3% — measured on the JPYC/USDT ratio, so it holds regardless of market direction.

JPY Coin v1 →Tether →