Tether (USDT) is 8489.7× the size of SK Hynix (bStocks Tokenized Stock) (SKHYB) by market capitalisation. Over the past 30 days, SKHYB is ahead by 15.3 percentage points (SKHYB +15.3% against USDT +0.0%). Their daily returns move barely together (correlation 0.21 across 31 shared trading days). SKHYB has been the more volatile of the two, at 117% annualised against USDT's 0%.
| Period | SKHYB | USDT | Ahead |
|---|---|---|---|
| 7 days | -0.47% | -0.01% | USDT |
| 30 days | +15.30% | +0.05% | SKHYB |
| Metric | SKHYB | USDT |
|---|---|---|
| Max drawdown (400d) | -32.4% | -0.0% |
| Risk-adjusted return (90d) | 0.19 | 0.19 |
Relative strength over 90 days: SKHYB outperformed USDT by 4.3% — measured on the SKHYB/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.