Tether (USDT) is 66743.5× the size of Qualcomm (bStocks Tokenized Stock) (QCOMB) by market capitalisation. Their daily returns move barely together (correlation 0.15 across 31 shared trading days). QCOMB has been the more volatile of the two, at 47% annualised against USDT's 0%.
| Period | QCOMB | USDT | Ahead |
|---|---|---|---|
| 7 days | -1.75% | -0.01% | USDT |
| 30 days | +11.05% | +0.05% | QCOMB |
| 90 days | -2.75% | — | — |
| Metric | QCOMB | USDT |
|---|---|---|
| Max drawdown (400d) | -22.9% | -0.0% |
| Risk-adjusted return (90d) | -0.06 | 0.19 |
Relative strength over 90 days: QCOMB outperformed USDT by 13.5% — measured on the QCOMB/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.