USDX vs Tether

Tether (USDT) is 1929161.8× the size of USDX (USDX) by market capitalisation. Over the past 30 days, USDX is ahead by 0.9 percentage points (USDX +0.8% against USDT -0.0%). Their daily returns move barely in opposite directions (correlation -0.31 across 25 shared trading days). USDX has been the more volatile of the two, at 3% annualised against USDT's 1%.

Correlation: -0.31
Size ratio: 1 : 1929161.8
Ahead over 30 days: USDX

USDXUSDX

$1.0090

24h: —
Market cap: $92,062
Volume 24h: $238
Volatility (ann.): 3%

TetherUSDT

$0.999471

24h: +0.04%
Market cap: $177.60B
Volume 24h: $55.08B
Volatility (ann.): 1%

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

Performance

USDXUSDT

7 days+0.94%+0.03%USDX
30 days+0.84%-0.04%USDX

Correlation

-0.31over 25 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.3190d: 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	USDX	USDT
Max drawdown (400d)	-0.1%	-0.2%
Risk-adjusted return (90d)	0.26	0.03

Relative strength over 90 days: USDX outperformed USDT by 0.9% — measured on the USDX/USDT ratio, so it holds regardless of market direction.

USDX →Tether →