Tether (USDT) is 2729.9× the size of Metal Blockchain (METAL) by market capitalisation. Over the past 30 days, METAL is ahead by 14.5 percentage points (METAL +14.5% against USDT +0.0%). Their daily returns move loosely together (correlation 0.45 across 28 shared trading days). METAL has been the more volatile of the two, at 67% annualised against USDT's 0%.
| Period | METAL | USDT | Ahead |
|---|---|---|---|
| 7 days | -3.64% | -0.01% | USDT |
| 30 days | +14.50% | +0.05% | METAL |
| Metric | METAL | USDT |
|---|---|---|
| Max drawdown (400d) | -7.6% | -0.0% |
| Risk-adjusted return (90d) | 0.22 | 0.19 |
Relative strength over 90 days: METAL outperformed USDT by 16.3% — measured on the METAL/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.