Metal Dollar vs Tether

Tether (USDT) is 213781.5× the size of Metal Dollar (XMD) by market capitalisation. Over the past 30 days, USDT is ahead by 8.2 percentage points (XMD -8.2% against USDT -0.1%). Their daily returns move loosely together (correlation 0.53 across 23 shared trading days). XMD has been the more volatile of the two, at 35% annualised against USDT's 1%.

Correlation: 0.53
Size ratio: 1 : 213781.5
Ahead over 30 days: USDT

Metal DollarXMD

$0.996375

24h: -0.02%
Market cap: $833,529
Volume 24h: $1.67M
Volatility (ann.): 35%

TetherUSDT

$0.999003

24h: +0.03%
Market cap: $178.19B
Volume 24h: $48.44B
Volatility (ann.): 1%

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

Performance

XMDUSDT

7 days-7.59%+0.03%USDT
30 days-8.25%-0.08%USDT

Correlation

0.53over 23 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: insufficient data90d: 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	XMD	USDT
Max drawdown (400d)	-8.3%	-0.2%
Risk-adjusted return (90d)	-0.22	-0.03

Relative strength over 90 days: USDT outperformed XMD by 7.5% — measured on the XMD/USDT ratio, so it holds regardless of market direction.

Metal Dollar →Tether →