Tether (USDT) is 4499.7× the size of SpaceX xStock (SPCXX) by market capitalisation. Over the past 30 days, SPCXX is ahead by 11.0 percentage points (SPCXX +11.0% against USDT +0.0%). Their daily returns move loosely together (correlation 0.40 across 26 shared trading days). SPCXX has been the more volatile of the two, at 40% annualised against USDT's 0%.
| Period | SPCXX | USDT | Ahead |
|---|---|---|---|
| 7 days | +2.01% | -0.01% | SPCXX |
| 30 days | +11.04% | +0.05% | SPCXX |
| Metric | SPCXX | USDT |
|---|---|---|
| Max drawdown (400d) | -6.5% | -0.0% |
| Risk-adjusted return (90d) | 0.27 | 0.19 |
Relative strength over 90 days: SPCXX outperformed USDT by 4.8% — measured on the SPCXX/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.