The Index vs Tether

Tether (USDT) is 23381.7× the size of The Index (INDEX) by market capitalisation. Over the past 30 days, USDT is ahead by 75.1 percentage points (INDEX -75.2% against USDT -0.1%). Their daily returns move barely together (correlation 0.32 across 40 shared trading days). INDEX has been the more volatile of the two, at 535% annualised against USDT's 1%.

Correlation: 0.32
Size ratio: 1 : 23381.7
Ahead over 30 days: USDT

The IndexINDEX

$0.007772

24h: +25.53%
Market cap: $7.62M
Volume 24h: $905,847
Volatility (ann.): 535%

TetherUSDT

$0.999003

24h: +0.03%
Market cap: $178.19B
Volume 24h: $48.44B
Volatility (ann.): 1%

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

Performance

INDEXUSDT

7 days+68.61%+0.03%INDEX
30 days-75.20%-0.08%USDT

Correlation

0.32over 40 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.3490d: 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	INDEX	USDT
Max drawdown (400d)	-92.7%	-0.2%
Risk-adjusted return (90d)	-0.09	-0.03

Relative strength over 90 days: USDT outperformed INDEX by 48.8% — measured on the INDEX/USDT ratio, so it holds regardless of market direction.

The Index →Tether →