Tether (USDT) is 379513.6× the size of Shyft Network (SHFT) by market capitalisation. Their daily returns move barely together (correlation 0.30 across 44 shared trading days). SHFT has been the more volatile of the two, at 81% annualised against USDT's 1%.
SHFTUSDT
0.30over 44 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 | SHFT | USDT |
|---|---|---|
| Max drawdown (400d) | -86.2% | -0.2% |
| Risk-adjusted return (90d) | -0.54 | -0.03 |
| Best 30 days (past year) | +19.4% | — |
| Worst 30 days (past year) | -54.8% | — |
Relative strength over 90 days: USDT outperformed SHFT by 17.0% — measured on the SHFT/USDT ratio, so it holds regardless of market direction.