Knight vs Tether

Tether (USDT) is 652990.0× the size of Knight (KNIGHT) by market capitalisation. Over the past 30 days, KNIGHT is ahead by 18.8 percentage points (KNIGHT +18.7% against USDT -0.1%). Their daily returns move barely together (correlation 0.04 across 23 shared trading days). KNIGHT has been the more volatile of the two, at 486% annualised against USDT's 1%.

Correlation: 0.04
Size ratio: 1 : 652990.0
Ahead over 30 days: KNIGHT

KnightKNIGHT

$0.000274

24h: -6.02%
Market cap: $272,894
Volume 24h: $22,142
Volatility (ann.): 486%

TetherUSDT

$0.999009

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

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

Performance

KNIGHTUSDT

7 days-38.53%+0.03%USDT
30 days+18.73%-0.08%KNIGHT

Correlation

0.04over 23 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	KNIGHT	USDT
Max drawdown (400d)	-74.8%	-0.2%
Risk-adjusted return (90d)	-0.02	-0.03

Relative strength over 90 days: USDT outperformed KNIGHT by 40.5% — measured on the KNIGHT/USDT ratio, so it holds regardless of market direction.

Knight →Tether →