Tether (USDT) is 1745275.5× the size of MorrowFunds (MORROW) by market capitalisation. Their daily returns move barely together (correlation 0.26 across 21 shared trading days). MORROW has been the more volatile of the two, at 756% annualised against USDT's 1%.
MORROWUSDT
0.26over 21 shared trading days
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.
| Metric | MORROW | USDT |
|---|---|---|
| Max drawdown (400d) | -74.3% | -0.2% |
| Risk-adjusted return (90d) | -0.08 | -0.03 |
Relative strength over 90 days: USDT outperformed MORROW by 58.8% — measured on the MORROW/USDT ratio, so it holds regardless of market direction.