USDM vs Tether

Tether (USDT) is 15596.4× the size of USDM (USDM) by market capitalisation. Over the past 30 days, USDM is ahead by 0.3 percentage points (USDM +0.2% against USDT -0.1%). Their daily returns move barely in opposite directions (correlation -0.09 across 22 shared trading days). USDM has been the more volatile of the two, at 18% annualised against USDT's 1%.

Correlation: -0.09
Size ratio: 1 : 15596.4
Ahead over 30 days: USDM

USDMUSDM

$0.991376

24h: -0.33%
Market cap: $11.43M
Volume 24h: $85,880
Volatility (ann.): 18%

TetherUSDT

$0.999003

24h: +0.03%
Market cap: $178.19B
Volume 24h: $48.44B
Volatility (ann.): 1%

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

Performance

USDMUSDT

7 days-0.60%+0.03%USDT
30 days+0.23%-0.08%USDM

Correlation

-0.09over 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	USDM	USDT
Max drawdown (400d)	-2.6%	-0.2%
Risk-adjusted return (90d)	0.01	-0.03

Relative strength over 90 days: USDM outperformed USDT by 0.3% — measured on the USDM/USDT ratio, so it holds regardless of market direction.

USDM →Tether →