Trench Capital vs Tether

Tether (USDT) is 60318481.1× the size of Trench Capital (PROPS) by market capitalisation. Over the past 30 days, USDT is ahead by 21.0 percentage points (PROPS -21.1% against USDT -0.0%). Their daily returns move barely together (correlation 0.33 across 22 shared trading days). PROPS has been the more volatile of the two, at 51% annualised against USDT's 1%.

Correlation: 0.33
Size ratio: 1 : 60318481.1
Ahead over 30 days: USDT

Trench CapitalPROPS

$3.140e-6

24h: +4.05%
Market cap: $2,955
Volume 24h: $3
Volatility (ann.): 51%

TetherUSDT

$0.999409

24h: +0.05%
Market cap: $178.27B
Volume 24h: $58.65B
Volatility (ann.): 1%

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

Performance

PROPSUSDT

7 days-6.42%+0.03%USDT
30 days-21.06%-0.04%USDT

Correlation

0.33over 22 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	PROPS	USDT
Max drawdown (400d)	-26.8%	-0.2%
Risk-adjusted return (90d)	-0.42	0.03

Relative strength over 90 days: USDT outperformed PROPS by 19.6% — measured on the PROPS/USDT ratio, so it holds regardless of market direction.

Trench Capital →Tether →