P2P Protocol vs Tether

Tether (USDT) is 37732.7× the size of P2P Protocol (P2P) by market capitalisation. Over the past 30 days, USDT is ahead by 1.5 percentage points (P2P -1.6% against USDT -0.1%). Their daily returns move barely in opposite directions (correlation -0.05 across 32 shared trading days). P2P has been the more volatile of the two, at 29% annualised against USDT's 1%.

Correlation: -0.05
Size ratio: 1 : 37732.7
Ahead over 30 days: USDT

P2P ProtocolP2P

$0.394829

24h: +2.43%
Market cap: $4.72M
Volume 24h: $13,729
Volatility (ann.): 29%

TetherUSDT

$0.998845

24h: +0.01%
Market cap: $178.17B
Volume 24h: $49.77B
Volatility (ann.): 1%

P2P 0.0%Share of the two combined market caps100.0% USDT

Performance

P2PUSDT

7 days-0.33%+0.03%USDT
30 days-1.61%-0.08%USDT

Correlation

-0.05over 32 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.0590d: 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	P2P	USDT
Max drawdown (400d)	-16.9%	-0.2%
Risk-adjusted return (90d)	-0.44	-0.03

Relative strength over 90 days: USDT outperformed P2P by 12.5% — measured on the P2P/USDT ratio, so it holds regardless of market direction.

P2P Protocol →Tether →