Tether (USDT) is 4060.6× the size of SPDR S&P 500 ETF (Ondo Tokenized ETF) (SPYON) by market capitalisation. Over the past 30 days, USDT is ahead by 0.3 percentage points (SPYON -0.3% against USDT +0.0%). Their daily returns move closely together (correlation 0.67 across 26 shared trading days). SPYON has been the more volatile of the two, at 10% annualised against USDT's 0%.
| Period | SPYON | USDT | Ahead |
|---|---|---|---|
| 7 days | +0.32% | -0.01% | SPYON |
| 30 days | -0.29% | +0.05% | USDT |
| Metric | SPYON | USDT |
|---|---|---|
| Max drawdown (400d) | -2.5% | -0.0% |
| Risk-adjusted return (90d) | -0.03 | 0.19 |
Relative strength over 90 days: USDT outperformed SPYON by 1.2% — measured on the SPYON/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.