Tether (USDT) is 88.8× the size of Mantle (MNT) by market capitalisation. Over the past 30 days, MNT is ahead by 25.5 percentage points (MNT +25.6% against USDT +0.0%). Their daily returns move barely together (correlation 0.23 across 31 shared trading days). MNT has been the more volatile of the two, at 87% annualised against USDT's 0%.
| Period | MNT | USDT | Ahead |
|---|---|---|---|
| 7 days | -11.66% | -0.01% | USDT |
| 30 days | +25.56% | +0.05% | MNT |
| Metric | MNT | USDT |
|---|---|---|
| Max drawdown (400d) | -11.7% | -0.0% |
| Risk-adjusted return (90d) | 0.29 | 0.19 |
Relative strength over 90 days: MNT outperformed USDT by 25.5% — measured on the MNT/USDT ratio, so it holds regardless of market direction.
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.