Usual USD vs Tether

Tether (USDT) is 329.6× the size of Usual USD (USD0) by market capitalisation. Over the past 30 days, USD0 is ahead by 0.0 percentage points (USD0 -0.0% against USDT -0.1%). Their daily returns move loosely together (correlation 0.41 across 58 shared trading days). USD0 has been the more volatile of the two, at 1% annualised against USDT's 1%.

Correlation: 0.41
Size ratio: 1 : 329.6
Ahead over 30 days: USD0

Usual USDUSD0

$0.998701

24h: +0.00%
Market cap: $540.71M
Volume 24h: $1.94M
Volatility (ann.): 1%

TetherUSDT

$0.999148

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

USD0 0.3%Share of the two combined market caps99.7% USDT

Performance

USD0USDT

7 days-0.02%+0.03%USDT
30 days-0.05%-0.08%USD0

Correlation

0.41over 58 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.4790d: 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	USD0	USDT
Max drawdown (400d)	-0.3%	-0.2%
Risk-adjusted return (90d)	0.00	-0.03

Relative strength over 90 days: USD0 outperformed USDT by 0.0% — measured on the USD0/USDT ratio, so it holds regardless of market direction.

Usual USD →Tether →