Tether (USDT) is 3184424.9× the size of NX8 (NX8) by market capitalisation. Their daily returns move loosely together (correlation 0.36 across 37 shared trading days). NX8 has been the more volatile of the two, at 53% annualised against USDT's 1%.
NX8USDT
0.36over 37 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 | NX8 | USDT |
|---|---|---|
| Max drawdown (400d) | -22.0% | -0.2% |
| Risk-adjusted return (90d) | 0.11 | 0.03 |
Relative strength over 90 days: NX8 outperformed USDT by 7.2% — measured on the NX8/USDT ratio, so it holds regardless of market direction.