Tether vs Figure Heloc

Tether (USDT) is 6.6× the size of Figure Heloc (FIGR_HELOC) by market capitalisation. Over the past 30 days, FIGR_HELOC is ahead by 2.8 percentage points (USDT -0.1% against FIGR_HELOC +2.7%). Their daily returns move barely together (correlation 0.02 across 56 shared trading days). FIGR_HELOC has been the more volatile of the two, at 52% annualised against USDT's 1%.

Correlation: 0.02
Size ratio: 6.6×
Ahead over 30 days: FIGR_HELOC

TetherUSDT

$0.998838

24h: +0.02%
Market cap: $178.17B
Volume 24h: $47.48B
Volatility (ann.): 1%

Figure HelocFIGR_HELOC

$1.0300

24h: -0.22%
Market cap: $26.85B
Volume 24h: $481.27M
Volatility (ann.): 52%

USDT 86.9%Share of the two combined market caps13.1% FIGR_HELOC

Performance

USDTFIGR_HELOC

7 days+0.03%+0.19%FIGR_HELOC
30 days-0.08%+2.69%FIGR_HELOC

Correlation

0.02over 56 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.0290d: 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	USDT	FIGR_HELOC
Max drawdown (400d)	-0.2%	-5.5%
Risk-adjusted return (90d)	-0.03	0.05

Relative strength over 90 days: FIGR_HELOC outperformed USDT by 2.4% — measured on the USDT/FIGR_HELOC ratio, so it holds regardless of market direction.

Tether →Figure Heloc →