Tether (USDT) is 111868.5× the size of Rave (KRAV) by market capitalisation. Their daily returns move loosely together (correlation 0.46 across 21 shared trading days). KRAV has been the more volatile of the two, at 88% annualised against USDT's 1%.
KRAVUSDT
0.46over 21 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 | KRAV | USDT |
|---|---|---|
| Max drawdown (400d) | -67.0% | -0.2% |
| Risk-adjusted return (90d) | 0.03 | -0.03 |
Relative strength over 90 days: KRAV outperformed USDT by 16.7% — measured on the KRAV/USDT ratio, so it holds regardless of market direction.