Tether (USDT) is 980010.8× the size of Long Capital (LNG) by market capitalisation. Their daily returns move barely together (correlation 0.04 across 42 shared trading days). LNG has been the more volatile of the two, at 306% annualised against USDT's 1%.
LNGUSDT
0.04over 42 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 | LNG | USDT |
|---|---|---|
| Max drawdown (400d) | -83.6% | -0.2% |
| Risk-adjusted return (90d) | -0.04 | 0.03 |
Relative strength over 90 days: LNG outperformed USDT by 0.9% — measured on the LNG/USDT ratio, so it holds regardless of market direction.