Tether (USDT) is 1645.9× the size of Nexus Mutual (NXM) by market capitalisation. Over the past 30 days, NXM is ahead by 22.3 percentage points (NXM +22.3% against USDT +0.0%). Their daily returns move loosely together (correlation 0.57 across 29 shared trading days). NXM has been the more volatile of the two, at 53% annualised against USDT's 0%.
| Period | NXM | USDT | Ahead |
|---|---|---|---|
| 7 days | -1.06% | -0.01% | USDT |
| 30 days | +22.32% | +0.05% | NXM |
| Metric | NXM | USDT |
|---|---|---|
| Max drawdown (400d) | -4.5% | -0.0% |
| Risk-adjusted return (90d) | 0.42 | 0.19 |
Relative strength over 90 days: NXM outperformed USDT by 21.4% — measured on the NXM/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.