The Gamestop Bull vs Tether

Tether (USDT) is 21287393.9× the size of The Gamestop Bull (GMEBULL) by market capitalisation. Over the past 30 days, USDT is ahead by 30.1 percentage points (GMEBULL -30.2% against USDT -0.1%). Their daily returns move barely together (correlation 0.18 across 25 shared trading days). GMEBULL has been the more volatile of the two, at 106% annualised against USDT's 1%.

Correlation: 0.18
Size ratio: 1 : 21287393.9
Ahead over 30 days: USDT

The Gamestop BullGMEBULL

$8.340e-6

24h: -5.86%
Market cap: $8,341
Volume 24h: $5
Volatility (ann.): 106%

TetherUSDT

$0.998970

24h: +0.00%
Market cap: $177.56B
Volume 24h: $53.64B
Volatility (ann.): 1%

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

Performance

GMEBULLUSDT

7 days-11.17%+0.07%USDT
30 days-30.19%-0.09%USDT

Correlation

0.18over 25 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.1890d: 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	GMEBULL	USDT
Max drawdown (400d)	-42.5%	-0.2%
Risk-adjusted return (90d)	-0.40	-0.05

Relative strength over 90 days: USDT outperformed GMEBULL by 30.5% — measured on the GMEBULL/USDT ratio, so it holds regardless of market direction.

The Gamestop Bull →Tether →