Tether (USDT) is 1917.9× the size of Nockchain (NOCK) by market capitalisation. Over the past 30 days, NOCK is ahead by 161.9 percentage points (NOCK +161.9% against USDT +0.0%). Their daily returns move barely together (correlation 0.27 across 29 shared trading days). NOCK has been the more volatile of the two, at 326% annualised against USDT's 0%.
| Period | NOCK | USDT | Ahead |
|---|---|---|---|
| 7 days | +31.55% | -0.01% | NOCK |
| 30 days | +161.94% | +0.05% | NOCK |
| Metric | NOCK | USDT |
|---|---|---|
| Max drawdown (400d) | -35.1% | -0.0% |
| Risk-adjusted return (90d) | 0.50 | 0.19 |
Relative strength over 90 days: NOCK outperformed USDT by 156.3% — measured on the NOCK/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.