Tether (USDT) is 9462811.8× the size of Olive Cash (OLIVE) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.25 across 36 shared trading days). OLIVE has been the more volatile of the two, at 152% annualised against USDT's 1%.
OLIVEUSDT
-0.25over 36 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 | OLIVE | USDT |
|---|---|---|
| Max drawdown (400d) | -99.6% | -0.2% |
| Risk-adjusted return (90d) | -0.47 | 0.03 |
Relative strength over 90 days: USDT outperformed OLIVE by 99.5% — measured on the OLIVE/USDT ratio, so it holds regardless of market direction.