Tether (USDT) is 9509.1× the size of USDPT | Western Union (USDPT) by market capitalisation. Their daily returns move loosely in opposite directions (correlation -0.54 across 35 shared trading days). USDPT has been the more volatile of the two, at 3% annualised against USDT's 1%.
USDPTUSDT
-0.54over 35 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 | USDPT | USDT |
|---|---|---|
| Max drawdown (400d) | -1.1% | -0.2% |
| Risk-adjusted return (90d) | 0.06 | -0.03 |
Relative strength over 90 days: USDT outperformed USDPT by 0.1% — measured on the USDPT/USDT ratio, so it holds regardless of market direction.