Frax Staked frxUSD vs Tether

Tether (USDT) is 5085.7× the size of Frax Staked frxUSD (SFRXUSD) by market capitalisation. Over the past 30 days, SFRXUSD is ahead by 0.9 percentage points (SFRXUSD +0.8% against USDT -0.1%). Their daily returns move barely in opposite directions (correlation -0.25 across 44 shared trading days). SFRXUSD has been the more volatile of the two, at 2% annualised against USDT's 1%.

Correlation: -0.25
Size ratio: 1 : 5085.7
Ahead over 30 days: SFRXUSD

Frax Staked frxUSDSFRXUSD

$1.2200

24h: +0.03%
Market cap: $35.05M
Volume 24h: $222,876
Volatility (ann.): 2%

TetherUSDT

$0.999372

24h: +0.02%
Market cap: $178.26B
Volume 24h: $62.78B
Volatility (ann.): 1%

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

Performance

SFRXUSDUSDT

7 days+0.00%+0.03%USDT
30 days+0.83%-0.08%SFRXUSD

Correlation

-0.25over 44 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.2690d: 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	SFRXUSD	USDT
Max drawdown (400d)	0.0%	-0.2%
Risk-adjusted return (90d)	0.37	-0.03

Relative strength over 90 days: SFRXUSD outperformed USDT by 0.9% — measured on the SFRXUSD/USDT ratio, so it holds regardless of market direction.

Frax Staked frxUSD →Tether →