Tether (USDT) is 19944693.9× the size of TBAG (TBAG) by market capitalisation. Their daily returns move barely together (correlation 0.29 across 34 shared trading days). TBAG has been the more volatile of the two, at 125% annualised against USDT's 1%.
TBAGUSDT
0.29over 34 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 | TBAG | USDT |
|---|---|---|
| Max drawdown (400d) | -90.9% | -0.2% |
| Risk-adjusted return (90d) | -0.62 | 0.03 |
Relative strength over 90 days: USDT outperformed TBAG by 33.9% — measured on the TBAG/USDT ratio, so it holds regardless of market direction.