Stablecorp QCAD vs Tether

Tether (USDT) is 100737.6× the size of Stablecorp QCAD (QCAD) by market capitalisation. Over the past 30 days, USDT is ahead by 2.2 percentage points (QCAD -2.3% against USDT -0.1%). Their daily returns move barely in opposite directions (correlation -0.12 across 20 shared trading days). QCAD has been the more volatile of the two, at 4% annualised against USDT's 1%.

Correlation: -0.12
Size ratio: 1 : 100737.6
Ahead over 30 days: USDT

Stablecorp QCADQCAD

$0.714700

24h: -0.07%
Market cap: $1.77M
Volume 24h: $12,010
Volatility (ann.): 4%

TetherUSDT

$0.999249

24h: +0.04%
Market cap: $178.24B
Volume 24h: $59.40B
Volatility (ann.): 1%

QCAD 0.0%Share of the two combined market caps100.0% USDT

Performance

QCADUSDT

7 days-0.70%+0.03%USDT
30 days-2.31%-0.08%USDT

Correlation

-0.12over 20 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: insufficient data90d: insufficient data1y: insufficient data

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.

Risk & extremes

Metric	QCAD	USDT
Max drawdown (400d)	-3.0%	-0.2%
Risk-adjusted return (90d)	-0.58	-0.03

Relative strength over 90 days: USDT outperformed QCAD by 2.1% — measured on the QCAD/USDT ratio, so it holds regardless of market direction.

Stablecorp QCAD →Tether →