Tether (USDT) is 2275328.1× the size of Music by Virtuals (MUSIC) by market capitalisation. Their daily returns move barely together (correlation 0.32 across 39 shared trading days). MUSIC has been the more volatile of the two, at 101% annualised against USDT's 1%.
MUSICUSDT
0.32over 39 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 | MUSIC | USDT |
|---|---|---|
| Max drawdown (400d) | -65.8% | -0.2% |
| Risk-adjusted return (90d) | -0.30 | 0.03 |
Relative strength over 90 days: USDT outperformed MUSIC by 3.3% — measured on the MUSIC/USDT ratio, so it holds regardless of market direction.