Tether (USDT) is 245789.3× the size of Super Micro Computer (bStocks Tokenized Stock) (SMCIB) by market capitalisation. Over the past 30 days, SMCIB is ahead by 6.3 percentage points (SMCIB +6.3% against USDT +0.0%). Their daily returns move loosely together (correlation 0.38 across 31 shared trading days). SMCIB has been the more volatile of the two, at 76% annualised against USDT's 0%.
| Period | SMCIB | USDT | Ahead |
|---|---|---|---|
| 7 days | -2.76% | -0.01% | USDT |
| 30 days | +6.30% | +0.05% | SMCIB |
| Metric | SMCIB | USDT |
|---|---|---|
| Max drawdown (400d) | -13.6% | -0.0% |
| Risk-adjusted return (90d) | 0.37 | 0.19 |
Relative strength over 90 days: USDT outperformed SMCIB by 12.1% — measured on the SMCIB/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.