Tether (USDT) is 346564.4× the size of Sperax USD (USDS) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.10 across 44 shared trading days). USDS has been the more volatile of the two, at 1% annualised against USDT's 1%.
USDSUSDT
-0.10over 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 | USDS | USDT |
|---|---|---|
| Max drawdown (400d) | -0.2% | -0.2% |
| Risk-adjusted return (90d) | -0.09 | -0.03 |
Relative strength over 90 days: USDT outperformed USDS by 0.1% — measured on the USDS/USDT ratio, so it holds regardless of market direction.