Tether (USDT) is 7.9× the size of Figure Heloc (FIGR_HELOC) by market capitalisation. Over the past 30 days, FIGR_HELOC is ahead by 2.1 percentage points (USDT +0.0% against FIGR_HELOC +2.2%). Their daily returns move barely together (correlation 0.10 across 29 shared trading days). FIGR_HELOC has been the more volatile of the two, at 54% annualised against USDT's 0%.
| Period | USDT | FIGR_HELOC | Ahead |
|---|---|---|---|
| 7 days | -0.01% | -1.63% | USDT |
| 30 days | +0.05% | +2.19% | FIGR_HELOC |
| Metric | USDT | FIGR_HELOC |
|---|---|---|
| Max drawdown (400d) | -0.0% | -5.2% |
| Risk-adjusted return (90d) | 0.19 | 0.04 |
Relative strength over 90 days: FIGR_HELOC outperformed USDT by 2.1% — measured on the USDT/FIGR_HELOC 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.