Tether (USDT) is 654.4× the size of Pearl (PRL) by market capitalisation. Over the past 30 days, PRL is ahead by 107.7 percentage points (PRL +107.7% against USDT +0.0%). Their daily returns move barely in opposite directions (correlation -0.09 across 30 shared trading days). PRL has been the more volatile of the two, at 181% annualised against USDT's 0%.
| Period | PRL | USDT | Ahead |
|---|---|---|---|
| 7 days | +40.10% | -0.01% | PRL |
| 30 days | +107.71% | +0.05% | PRL |
| Metric | PRL | USDT |
|---|---|---|
| Max drawdown (400d) | -23.0% | -0.0% |
| Risk-adjusted return (90d) | 0.60 | 0.19 |
Relative strength over 90 days: PRL outperformed USDT by 107.0% — measured on the PRL/USDT ratio, so it holds regardless of market direction.
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.