Tether (USDT) is 14.7× the size of Monero (XMR) by market capitalisation. Over the past 30 days, XMR is ahead by 15.0 percentage points (USDT -0.1% against XMR +14.9%). Their daily returns move barely together (correlation 0.31 across 20 shared trading days). XMR has been the more volatile of the two, at 37% annualised against USDT's 1%.
USDTXMR
0.31over 20 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 | USDT | XMR |
|---|---|---|
| Max drawdown (400d) | -0.2% | -7.3% |
| Risk-adjusted return (90d) | -0.03 | 0.36 |
Relative strength over 90 days: XMR outperformed USDT by 11.7% — measured on the USDT/XMR ratio, so it holds regardless of market direction.