Tether (USDT) is 2729186.7× the size of Koi (KOI) by market capitalisation. Their daily returns move closely together (correlation 0.68 across 36 shared trading days). KOI has been the more volatile of the two, at 129% annualised against USDT's 1%.
KOIUSDT
0.68over 36 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 | KOI | USDT |
|---|---|---|
| Max drawdown (400d) | -76.8% | -0.2% |
| Risk-adjusted return (90d) | -0.31 | 0.03 |
Relative strength over 90 days: USDT outperformed KOI by 56.2% — measured on the KOI/USDT ratio, so it holds regardless of market direction.