Opal vs Tether

Tether (USDT) is 6847.1× the size of Opal (OPAL) by market capitalisation. Over the past 30 days, OPAL is ahead by 1.1 percentage points (OPAL +1.0% against USDT -0.1%). Their daily returns move barely together (correlation 0.26 across 29 shared trading days). OPAL has been the more volatile of the two, at 81% annualised against USDT's 1%.

Correlation: 0.26
Size ratio: 1 : 6847.1
Ahead over 30 days: OPAL

OpalOPAL

$0.130162

24h: +11.21%
Market cap: $26.03M
Volume 24h: $35,117
Volatility (ann.): 81%

TetherUSDT

$0.999272

24h: +0.04%
Market cap: $178.24B
Volume 24h: $58.30B
Volatility (ann.): 1%

OPAL 0.0%Share of the two combined market caps100.0% USDT

Performance

OPALUSDT

7 days+3.72%+0.03%OPAL
30 days+1.03%-0.08%OPAL

Correlation

0.26over 29 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.2690d: insufficient data1y: insufficient data

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.

Risk & extremes

Metric	OPAL	USDT
Max drawdown (400d)	-24.8%	-0.2%
Risk-adjusted return (90d)	0.07	-0.03

Relative strength over 90 days: OPAL outperformed USDT by 5.8% — measured on the OPAL/USDT ratio, so it holds regardless of market direction.

Opal →Tether →