Tether (USDT) is 18.7× the size of USDS (USDS) by market capitalisation. Their daily returns move loosely together (correlation 0.40 across 60 shared trading days). USDS has been the more volatile of the two, at 1% annualised against USDT's 1%.
USDSUSDT
0.40over 60 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 | USDS | USDT |
|---|---|---|
| Max drawdown (400d) | -0.4% | -0.2% |
| Risk-adjusted return (90d) | 0.07 | -0.05 |
Relative strength over 90 days: USDS outperformed USDT by 0.1% — measured on the USDS/USDT ratio, so it holds regardless of market direction.