Tether (USDT) is 6191.2× the size of SanDisk (bStocks Tokenized Stock) (SNDKB) by market capitalisation. Their daily returns move barely together (correlation 0.05 across 31 shared trading days). SNDKB has been the more volatile of the two, at 140% annualised against USDT's 0%.
| Period | SNDKB | USDT | Ahead |
|---|---|---|---|
| 7 days | +9.68% | -0.01% | SNDKB |
| 30 days | +13.12% | +0.05% | SNDKB |
| 90 days | -18.85% | — | — |
| Metric | SNDKB | USDT |
|---|---|---|
| Max drawdown (400d) | -56.5% | -0.0% |
| Risk-adjusted return (90d) | -0.13 | 0.19 |
Relative strength over 90 days: USDT outperformed SNDKB by 7.9% — measured on the SNDKB/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.