USDH vs Tether

Tether (USDT) is 8360.3× the size of USDH (USDH) by market capitalisation. Over the past 30 days, USDH is ahead by 0.6 percentage points (USDH +0.5% against USDT -0.1%). Their daily returns move barely in opposite directions (correlation -0.27 across 30 shared trading days). USDH has been the more volatile of the two, at 5% annualised against USDT's 1%.

Correlation: -0.27
Size ratio: 1 : 8360.3
Ahead over 30 days: USDH

USDHUSDH

$0.998029

24h: +0.71%
Market cap: $21.32M
Volume 24h: $3,228
Volatility (ann.): 5%

TetherUSDT

$0.999148

24h: +0.04%
Market cap: $178.22B
Volume 24h: $56.79B
Volatility (ann.): 1%

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

Performance

USDHUSDT

7 days-0.34%+0.03%USDT
30 days+0.54%-0.08%USDH

Correlation

-0.27over 30 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.2790d: 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	USDH	USDT
Max drawdown (400d)	-1.1%	-0.2%
Risk-adjusted return (90d)	-0.01	-0.03

Relative strength over 90 days: USDH outperformed USDT by 0.0% — measured on the USDH/USDT ratio, so it holds regardless of market direction.

USDH →Tether →