The Final Form Bull vs Tether

Tether (USDT) is 126964.5× the size of The Final Form Bull (CZ) by market capitalisation. Over the past 30 days, USDT is ahead by 32.9 percentage points (CZ -33.0% against USDT -0.1%). Their daily returns move barely together (correlation 0.12 across 23 shared trading days). CZ has been the more volatile of the two, at 118% annualised against USDT's 1%.

Correlation: 0.12
Size ratio: 1 : 126964.5
Ahead over 30 days: USDT

The Final Form BullCZ

$0.001403

24h: -0.70%
Market cap: $1.40M
Volume 24h: $693,149
Volatility (ann.): 118%

TetherUSDT

$0.998962

24h: +0.03%
Market cap: $178.19B
Volume 24h: $51.36B
Volatility (ann.): 1%

CZ 0.0%Share of the two combined market caps100.0% USDT

Performance

CZUSDT

7 days-9.97%+0.03%USDT
30 days-32.98%-0.08%USDT

Correlation

0.12over 23 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: insufficient data90d: 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	CZ	USDT
Max drawdown (400d)	-45.7%	-0.2%
Risk-adjusted return (90d)	-0.38	-0.03

Relative strength over 90 days: USDT outperformed CZ by 24.9% — measured on the CZ/USDT ratio, so it holds regardless of market direction.

The Final Form Bull →Tether →