Tether (USDT) is 2077.3× the size of MicroStrategy xStock (MSTRX) by market capitalisation. Over the past 30 days, MSTRX is ahead by 26.4 percentage points (MSTRX +26.5% against USDT +0.0%). Their daily returns move closely together (correlation 0.65 across 28 shared trading days). MSTRX has been the more volatile of the two, at 97% annualised against USDT's 0%.
| Period | MSTRX | USDT | Ahead |
|---|---|---|---|
| 7 days | +0.63% | -0.01% | MSTRX |
| 30 days | +26.46% | +0.05% | MSTRX |
| Metric | MSTRX | USDT |
|---|---|---|
| Max drawdown (400d) | -12.9% | -0.0% |
| Risk-adjusted return (90d) | 0.27 | 0.19 |
Relative strength over 90 days: MSTRX outperformed USDT by 24.7% — measured on the MSTRX/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.