Tether (USDT) is 6476789.1× the size of Todin (TDN) by market capitalisation. Their daily returns move barely together (correlation 0.24 across 42 shared trading days). TDN has been the more volatile of the two, at 127% annualised against USDT's 1%.
TDNUSDT
0.24over 42 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 | TDN | USDT |
|---|---|---|
| Max drawdown (400d) | -86.3% | -0.2% |
| Risk-adjusted return (90d) | -0.46 | -0.05 |
Relative strength over 90 days: USDT outperformed TDN by 32.0% — measured on the TDN/USDT ratio, so it holds regardless of market direction.