Merchant vs Tether

Tether (USDT) is 202856.6× the size of Merchant (MTO) by market capitalisation. Over the past 30 days, USDT is ahead by 7.4 percentage points (MTO -7.5% against USDT -0.1%). Their daily returns move loosely together (correlation 0.58 across 28 shared trading days). MTO has been the more volatile of the two, at 160% annualised against USDT's 1%.

Correlation: 0.58
Size ratio: 1 : 202856.6
Ahead over 30 days: USDT

MerchantMTO

$0.014721

24h: —
Market cap: $878,474
Volume 24h: $12
Volatility (ann.): 160%

TetherUSDT

$0.999050

24h: +0.04%
Market cap: $178.20B
Volume 24h: $50.02B
Volatility (ann.): 1%

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

Performance

MTOUSDT

7 days+49.60%+0.03%MTO
30 days-7.50%-0.08%USDT

Correlation

0.58over 28 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.5890d: 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	MTO	USDT
Max drawdown (400d)	-51.1%	-0.2%
Risk-adjusted return (90d)	-0.16	-0.03

Relative strength over 90 days: USDT outperformed MTO by 24.9% — measured on the MTO/USDT ratio, so it holds regardless of market direction.

Merchant →Tether →