Tokenised GBP vs Tether

Tether (USDT) is 6654.2× the size of Tokenised GBP (TGBP) by market capitalisation. Over the past 30 days, USDT is ahead by 0.7 percentage points (TGBP -0.7% against USDT -0.1%). Their daily returns move barely in opposite directions (correlation -0.03 across 34 shared trading days). TGBP has been the more volatile of the two, at 8% annualised against USDT's 1%.

Correlation: -0.03
Size ratio: 1 : 6654.2
Ahead over 30 days: USDT

Tokenised GBPTGBP

$1.3500

24h: +0.31%
Market cap: $26.78M
Volume 24h: $228,884
Volatility (ann.): 8%

TetherUSDT

$0.998845

24h: +0.01%
Market cap: $178.17B
Volume 24h: $49.77B
Volatility (ann.): 1%

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

Performance

TGBPUSDT

7 days+0.75%+0.03%TGBP
30 days-0.74%-0.08%USDT

Correlation

-0.03over 34 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.0790d: 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	TGBP	USDT
Max drawdown (400d)	-2.9%	-0.2%
Risk-adjusted return (90d)	-0.19	-0.03

Relative strength over 90 days: USDT outperformed TGBP by 1.4% — measured on the TGBP/USDT ratio, so it holds regardless of market direction.

Tokenised GBP →Tether →