Tether (USDT) is 1335152.6× the size of pBTC35A (PBTC35A) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.08 across 46 shared trading days). PBTC35A has been the more volatile of the two, at 40% annualised against USDT's 1%.
PBTC35AUSDT
-0.08over 46 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 | PBTC35A | USDT |
|---|---|---|
| Max drawdown (400d) | -28.2% | -0.2% |
| Risk-adjusted return (90d) | -0.66 | -0.05 |
| Best 30 days (past year) | +18.6% | — |
| Worst 30 days (past year) | -13.0% | — |
Relative strength over 90 days: USDT outperformed PBTC35A by 17.7% — measured on the PBTC35A/USDT ratio, so it holds regardless of market direction.