Magic Square vs Tether

Tether (USDT) is 2244059.2× the size of Magic Square (SQR) by market capitalisation. Over the past 30 days, USDT is ahead by 10.4 percentage points (SQR -10.4% against USDT -0.0%). Their daily returns move barely together (correlation 0.29 across 25 shared trading days). SQR has been the more volatile of the two, at 119% annualised against USDT's 1%.

Correlation: 0.29
Size ratio: 1 : 2244059.2
Ahead over 30 days: USDT

Magic SquareSQR

$9.716e-5

24h: -0.30%
Market cap: $79,110
Volume 24h: $56,788
Volatility (ann.): 119%

TetherUSDT

$0.999024

24h: -0.04%
Market cap: $177.53B
Volume 24h: $62.24B
Volatility (ann.): 1%

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

Performance

SQRUSDT

7 days-10.10%+0.03%USDT
30 days-10.40%-0.04%USDT

Correlation

0.29over 25 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.2990d: 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	SQR	USDT
Max drawdown (400d)	-26.7%	-0.2%
Risk-adjusted return (90d)	-0.12	0.03

Relative strength over 90 days: USDT outperformed SQR by 14.2% — measured on the SQR/USDT ratio, so it holds regardless of market direction.

Magic Square →Tether →