Tether (USDT) is 561.0× the size of Ondo Short-Term U.S. Government Bond Fund (OUSG) by market capitalisation. Over the past 30 days, OUSG is ahead by 0.2 percentage points (OUSG +0.3% against USDT +0.0%). Their daily returns move barely together (correlation 0.15 across 31 shared trading days). USDT has been the more volatile of the two, at 0% annualised against OUSG's 0%.
| Period | OUSG | USDT | Ahead |
|---|---|---|---|
| 7 days | +0.09% | -0.01% | OUSG |
| 30 days | +0.28% | +0.05% | OUSG |
| Metric | OUSG | USDT |
|---|---|---|
| Max drawdown (400d) | 0.0% | -0.0% |
| Risk-adjusted return (90d) | 1.58 | 0.19 |
Relative strength over 90 days: OUSG outperformed USDT by 0.2% — measured on the OUSG/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.