LIQ Protocol vs Tether

Tether (USDT) is 70902928.2× the size of LIQ Protocol (LIQ) by market capitalisation. Over the past 30 days, USDT is ahead by 23.8 percentage points (LIQ -23.8% against USDT -0.0%). Their daily returns move barely in opposite directions (correlation -0.18 across 23 shared trading days). LIQ has been the more volatile of the two, at 274% annualised against USDT's 1%.

Correlation: -0.18
Size ratio: 1 : 70902928.2
Ahead over 30 days: USDT

LIQ ProtocolLIQ

$8.381e-5

24h: +4.22%
Market cap: $2,514
Volume 24h: $51
Volatility (ann.): 274%

TetherUSDT

$0.999405

24h: +0.05%
Market cap: $178.27B
Volume 24h: $63.70B
Volatility (ann.): 1%

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

Performance

LIQUSDT

7 days-1.22%+0.03%USDT
30 days-23.83%-0.04%USDT

Correlation

-0.18over 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	LIQ	USDT
Max drawdown (400d)	-50.0%	-0.2%
Risk-adjusted return (90d)	-0.08	0.03

Relative strength over 90 days: USDT outperformed LIQ by 28.6% — measured on the LIQ/USDT ratio, so it holds regardless of market direction.

LIQ Protocol →Tether →