P vs Tether

Tether (USDT) is 8113676.3× the size of P (P) by market capitalisation. Over the past 30 days, USDT is ahead by 31.6 percentage points (P -31.7% against USDT -0.0%). Their daily returns move barely together (correlation 0.25 across 21 shared trading days). P has been the more volatile of the two, at 97% annualised against USDT's 1%.

Correlation: 0.25
Size ratio: 1 : 8113676.3
Ahead over 30 days: USDT

$2.352e-5

24h: —
Market cap: $21,972
Volume 24h: $7
Volatility (ann.): 97%

TetherUSDT

$0.999439

24h: +0.04%
Market cap: $178.27B
Volume 24h: $57.39B
Volatility (ann.): 1%

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

Performance

PUSDT

7 days+10.98%+0.03%P
30 days-31.67%-0.04%USDT

Correlation

0.25over 21 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: insufficient data90d: 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	P	USDT
Max drawdown (400d)	-39.8%	-0.2%
Risk-adjusted return (90d)	-0.33	0.03

Relative strength over 90 days: USDT outperformed P by 12.8% — measured on the P/USDT ratio, so it holds regardless of market direction.

P →Tether →