Tether (USDT) is 976.3× the size of Non-Playable Coin (NPC) by market capitalisation. Over the past 30 days, NPC is ahead by 274.6 percentage points (NPC +274.6% against USDT +0.0%). Their daily returns move barely together (correlation 0.35 across 30 shared trading days). NPC has been the more volatile of the two, at 175% annualised against USDT's 0%.
| Period | NPC | USDT | Ahead |
|---|---|---|---|
| 7 days | -0.24% | -0.01% | USDT |
| 30 days | +274.62% | +0.05% | NPC |
| Metric | NPC | USDT |
|---|---|---|
| Max drawdown (400d) | -15.5% | -0.0% |
| Risk-adjusted return (90d) | 1.57 | 0.19 |
Relative strength over 90 days: NPC outperformed USDT by 295.0% — measured on the NPC/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.