Ledger AI vs Tether

Tether (USDT) is 186615.6× the size of Ledger AI (LEDGER) by market capitalisation. Over the past 30 days, USDT is ahead by 49.3 percentage points (LEDGER -49.4% against USDT -0.1%). Their daily returns move barely together (correlation 0.15 across 28 shared trading days). LEDGER has been the more volatile of the two, at 76% annualised against USDT's 1%.

Correlation: 0.15
Size ratio: 1 : 186615.6
Ahead over 30 days: USDT

Ledger AILEDGER

$0.000304

24h: -1.71%
Market cap: $954,888
Volume 24h: $1,121
Volatility (ann.): 76%

TetherUSDT

$0.999009

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

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

Performance

LEDGERUSDT

7 days-11.70%+0.03%USDT
30 days-49.37%-0.08%USDT

Correlation

0.15over 28 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.1590d: 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	LEDGER	USDT
Max drawdown (400d)	-56.9%	-0.2%
Risk-adjusted return (90d)	-0.73	-0.03

Relative strength over 90 days: USDT outperformed LEDGER by 55.2% — measured on the LEDGER/USDT ratio, so it holds regardless of market direction.

Ledger AI →Tether →