Overnight.fi USD+ (Base) vs Tether

Tether (USDT) is 453070.4× the size of Overnight.fi USD+ (Base) (USD+) by market capitalisation. Over the past 30 days, USDT is ahead by 0.7 percentage points (USD+ -0.7% against USDT -0.0%). Their daily returns move closely together (correlation 0.71 across 26 shared trading days). USD+ has been the more volatile of the two, at 11% annualised against USDT's 1%.

Correlation: 0.71
Size ratio: 1 : 453070.4
Ahead over 30 days: USDT

Overnight.fi USD+ (Base)USD+

$0.999624

24h: +0.01%
Market cap: $393,467
Volume 24h: $17,748
Volatility (ann.): 11%

TetherUSDT

$0.999409

24h: +0.05%
Market cap: $178.27B
Volume 24h: $58.65B
Volatility (ann.): 1%

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

Performance

USD+USDT

7 days-0.71%+0.03%USDT
30 days-0.74%-0.04%USDT

Correlation

0.71over 26 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.7190d: 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	USD+	USDT
Max drawdown (400d)	-2.5%	-0.2%
Risk-adjusted return (90d)	-0.06	0.03

Relative strength over 90 days: USDT outperformed USD+ by 0.7% — measured on the USD+/USDT ratio, so it holds regardless of market direction.

Overnight.fi USD+ (Base) →Tether →