Main Street USD vs Tether

Tether (USDT) is 4640.5× the size of Main Street USD (MSUSD) by market capitalisation. Over the past 30 days, MSUSD is ahead by 9.6 percentage points (MSUSD +9.6% against USDT -0.1%). Their daily returns move barely together (correlation 0.10 across 46 shared trading days). MSUSD has been the more volatile of the two, at 106% annualised against USDT's 1%.

Correlation: 0.10
Size ratio: 1 : 4640.5
Ahead over 30 days: MSUSD

Main Street USDMSUSD

$0.504858

24h: -7.09%
Market cap: $38.41M
Volume 24h: $1,684
Volatility (ann.): 106%

TetherUSDT

$0.999278

24h: +0.02%
Market cap: $178.25B
Volume 24h: $62.50B
Volatility (ann.): 1%

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

Performance

MSUSDUSDT

7 days-3.96%+0.03%USDT
30 days+9.56%-0.08%MSUSD

Correlation

0.10over 46 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.0790d: 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	MSUSD	USDT
Max drawdown (400d)	-16.0%	-0.2%
Risk-adjusted return (90d)	0.57	-0.03

Relative strength over 90 days: MSUSD outperformed USDT by 61.1% — measured on the MSUSD/USDT ratio, so it holds regardless of market direction.

Main Street USD →Tether →