USD CoinVertible vs Tether

Tether (USDT) is 8135.9× the size of USD CoinVertible (USDCV) by market capitalisation. Over the past 30 days, USDCV is ahead by 0.1 percentage points (USDCV +0.1% against USDT -0.1%). Their daily returns move barely together (correlation 0.26 across 25 shared trading days). USDCV has been the more volatile of the two, at 1% annualised against USDT's 1%.

Correlation: 0.26
Size ratio: 1 : 8135.9
Ahead over 30 days: USDCV

USD CoinVertibleUSDCV

$0.999196

24h: +0.01%
Market cap: $21.91M
Volume 24h: $16.23M
Volatility (ann.): 1%

TetherUSDT

$0.999278

24h: +0.02%
Market cap: $178.25B
Volume 24h: $62.50B
Volatility (ann.): 1%

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

Performance

USDCVUSDT

7 days+0.01%+0.03%USDT
30 days+0.06%-0.08%USDCV

Correlation

0.26over 25 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.2690d: 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	USDCV	USDT
Max drawdown (400d)	-0.1%	-0.2%
Risk-adjusted return (90d)	0.05	-0.03

Relative strength over 90 days: USDCV outperformed USDT by 0.2% — measured on the USDCV/USDT ratio, so it holds regardless of market direction.

USD CoinVertible →Tether →