Tether (USDT) is 65.7× the size of PayPal USD (PYUSD) by market capitalisation. Over the past 30 days, PYUSD is ahead by 0.1 percentage points (PYUSD +0.0% against USDT -0.1%). Their daily returns move closely together (correlation 0.71 across 60 shared trading days). Both have run at a similar volatility, around 1% annualised.
PYUSDUSDT
0.71over 60 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 | PYUSD | USDT |
|---|---|---|
| Max drawdown (400d) | -0.1% | -0.2% |
| Risk-adjusted return (90d) | 0.01 | -0.05 |
Relative strength over 90 days: PYUSD outperformed USDT by 0.0% — measured on the PYUSD/USDT ratio, so it holds regardless of market direction.