mStable USD vs Tether

Tether (USDT) is 62133.8× the size of mStable USD (MUSD) by market capitalisation. Over the past 30 days, MUSD is ahead by 0.9 percentage points (MUSD +0.9% against USDT -0.1%). Their daily returns move barely together (correlation 0.21 across 29 shared trading days). MUSD has been the more volatile of the two, at 10% annualised against USDT's 1%.

Correlation: 0.21
Size ratio: 1 : 62133.8
Ahead over 30 days: MUSD

mStable USDMUSD

$0.997058

24h: -0.03%
Market cap: $2.87M
Volume 24h: $295
Volatility (ann.): 10%

TetherUSDT

$0.998845

24h: +0.01%
Market cap: $178.17B
Volume 24h: $49.77B
Volatility (ann.): 1%

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

Performance

MUSDUSDT

7 days+0.50%+0.03%MUSD
30 days+0.87%-0.08%MUSD

Correlation

0.21over 29 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.2190d: 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	MUSD	USDT
Max drawdown (400d)	-1.4%	-0.2%
Risk-adjusted return (90d)	0.02	-0.03

Relative strength over 90 days: MUSD outperformed USDT by 0.3% — measured on the MUSD/USDT ratio, so it holds regardless of market direction.

mStable USD →Tether →