Tether (USDT) is 74459.5× the size of Solar (SXP) by market capitalisation. Their daily returns move loosely in opposite directions (correlation -0.36 across 22 shared trading days). SXP has been the more volatile of the two, at 152% annualised against USDT's 1%.
SXPUSDT
-0.36over 22 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 | SXP | USDT |
|---|---|---|
| Max drawdown (400d) | -98.5% | -0.2% |
| Risk-adjusted return (90d) | -0.51 | -0.03 |
Relative strength over 90 days: USDT outperformed SXP by 8.8% — measured on the SXP/USDT ratio, so it holds regardless of market direction.