Tether (USDT) is 3224083.7× the size of MarketVector Token Terminal Fundamental Index (MVTT10F) by market capitalisation. Their daily returns move barely together (correlation 0.19 across 28 shared trading days). MVTT10F has been the more volatile of the two, at 49% annualised against USDT's 1%.
$0.041640
MVTT10FUSDT
0.19over 28 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 | MVTT10F | USDT |
|---|---|---|
| Max drawdown (400d) | -18.7% | -0.2% |
| Risk-adjusted return (90d) | 1.03 | 0.03 |
Relative strength over 90 days: MVTT10F outperformed USDT by 46.4% — measured on the MVTT10F/USDT ratio, so it holds regardless of market direction.