Tether (USDT) is 486130.0× the size of USDFI (USDFI) by market capitalisation. Their daily returns move barely together (correlation 0.32 across 28 shared trading days). USDFI has been the more volatile of the two, at 87% annualised against USDT's 1%.
USDFIUSDT
0.32over 28 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 | USDFI | USDT |
|---|---|---|
| Max drawdown (400d) | -58.9% | -0.2% |
| Risk-adjusted return (90d) | -0.03 | 0.03 |
Relative strength over 90 days: USDFI outperformed USDT by 4.9% — measured on the USDFI/USDT ratio, so it holds regardless of market direction.