Tether (USDT) is 7940.4× the size of Pax Dollar (USDP) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.19 across 44 shared trading days). USDP has been the more volatile of the two, at 7% annualised against USDT's 1%.
USDPUSDT
-0.19over 44 shared trading days
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.
| Metric | USDP | USDT |
|---|---|---|
| Max drawdown (400d) | -5.5% | -0.2% |
| Risk-adjusted return (90d) | 0.00 | -0.03 |
| Best 30 days (past year) | +1.0% | — |
| Worst 30 days (past year) | -4.7% | — |
Relative strength over 90 days: USDT outperformed USDP by 0.1% — measured on the USDP/USDT ratio, so it holds regardless of market direction.