Tether (USDT) is 56.8× the size of Gram (prev. Toncoin) (GRAM) by market capitalisation. Their daily returns move loosely together (correlation 0.46 across 60 shared trading days). GRAM has been the more volatile of the two, at 57% annualised against USDT's 1%.
USDTGRAM
0.46over 60 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 | GRAM |
|---|---|---|
| Max drawdown (400d) | -0.2% | -38.1% |
| Risk-adjusted return (90d) | -0.05 | -0.32 |
Relative strength over 90 days: USDT outperformed GRAM by 20.9% — measured on the USDT/GRAM ratio, so it holds regardless of market direction.