Toucan Protocol: Nature Carbon Tonne vs Tether

Tether (USDT) is 553063.8× the size of Toucan Protocol: Nature Carbon Tonne (NCT) by market capitalisation. Over the past 30 days, USDT is ahead by 0.2 percentage points (NCT -0.3% against USDT -0.1%). Their daily returns move barely in opposite directions (correlation -0.12 across 23 shared trading days). NCT has been the more volatile of the two, at 4% annualised against USDT's 1%.

Correlation: -0.12
Size ratio: 1 : 553063.8
Ahead over 30 days: USDT

Toucan Protocol: Nature Carbon TonneNCT

$0.227989

24h: —
Market cap: $322,330
Volume 24h: —
Volatility (ann.): 4%

TetherUSDT

$0.999387

24h: +0.03%
Market cap: $178.27B
Volume 24h: $62.40B
Volatility (ann.): 1%

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

Performance

NCTUSDT

7 days-0.56%+0.03%USDT
30 days-0.26%-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	NCT	USDT
Max drawdown (400d)	-0.7%	-0.2%
Risk-adjusted return (90d)	-0.07	-0.03

Relative strength over 90 days: USDT outperformed NCT by 0.5% — measured on the NCT/USDT ratio, so it holds regardless of market direction.

Toucan Protocol: Nature Carbon Tonne →Tether →