Tether (USDT) is 3028.8× the size of MEME HORSE (MHORSE) by market capitalisation. Over the past 30 days, USDT is ahead by 0.1 percentage points (MHORSE -0.1% against USDT +0.0%). Their daily returns move closely together (correlation 0.78 across 28 shared trading days). MHORSE has been the more volatile of the two, at 1% annualised against USDT's 0%.
| Period | MHORSE | USDT | Ahead |
|---|---|---|---|
| 7 days | -0.06% | -0.01% | USDT |
| 30 days | -0.07% | +0.05% | USDT |
| Metric | MHORSE | USDT |
|---|---|---|
| Max drawdown (400d) | -0.1% | -0.0% |
| Risk-adjusted return (90d) | -0.14 | 0.19 |
Relative strength over 90 days: USDT outperformed MHORSE by 0.1% — measured on the MHORSE/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.