Tether (USDT) is 3945.9× the size of MegaETH (MEGA) by market capitalisation. Their daily returns move barely together (correlation 0.35 across 31 shared trading days). MEGA has been the more volatile of the two, at 108% annualised against USDT's 0%.
| Period | MEGA | USDT | Ahead |
|---|---|---|---|
| 7 days | +8.66% | -0.01% | MEGA |
| 30 days | +17.16% | +0.05% | MEGA |
| 90 days | -25.28% | — | — |
| Metric | MEGA | USDT |
|---|---|---|
| Max drawdown (400d) | -81.3% | -0.0% |
| Risk-adjusted return (90d) | -0.29 | 0.19 |
Relative strength over 90 days: MEGA outperformed USDT by 7.9% — measured on the MEGA/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.