Tether (USDT) is 77.1× the size of Ripple USD (RLUSD) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.29 across 31 shared trading days). RLUSD has been the more volatile of the two, at 0% annualised against USDT's 0%.
| Period | RLUSD | USDT | Ahead |
|---|---|---|---|
| 7 days | +0.01% | -0.01% | RLUSD |
| 30 days | -0.02% | +0.05% | USDT |
| 90 days | -0.09% | — | — |
| Metric | RLUSD | USDT |
|---|---|---|
| Max drawdown (400d) | -0.2% | -0.0% |
| Risk-adjusted return (90d) | -0.20 | 0.19 |
Relative strength over 90 days: USDT outperformed RLUSD by 0.1% — measured on the RLUSD/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.