Tether (USDT) is 126626.6× the size of ShareToken (SHR) by market capitalisation. Their daily returns move barely together (correlation 0.09 across 46 shared trading days). SHR has been the more volatile of the two, at 113% annualised against USDT's 1%.
SHRUSDT
0.09over 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 | SHR | USDT |
|---|---|---|
| Max drawdown (400d) | -50.7% | -0.2% |
| Risk-adjusted return (90d) | -0.38 | 0.03 |
Relative strength over 90 days: USDT outperformed SHR by 18.1% — measured on the SHR/USDT ratio, so it holds regardless of market direction.