Tether (USDT) is 4434.5× the size of BeethovenX sFTMX (SFTMX) by market capitalisation. Over the past 30 days, SFTMX is ahead by 49.2 percentage points (SFTMX +49.3% against USDT +0.0%). Their daily returns move barely in opposite directions (correlation -0.07 across 26 shared trading days). SFTMX has been the more volatile of the two, at 323% annualised against USDT's 0%.
| Period | SFTMX | USDT | Ahead |
|---|---|---|---|
| 7 days | -0.95% | -0.01% | USDT |
| 30 days | +49.29% | +0.05% | SFTMX |
| Metric | SFTMX | USDT |
|---|---|---|
| Max drawdown (400d) | -40.1% | -0.0% |
| Risk-adjusted return (90d) | 0.15 | 0.19 |
Relative strength over 90 days: SFTMX outperformed USDT by 50.0% — measured on the SFTMX/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.