Tether (USDT) is 885.0× the size of USX (USX) by market capitalisation. Over the past 30 days, USX is ahead by 0.1 percentage points (USX -0.0% against USDT -0.1%). Their daily returns move closely together (correlation 0.65 across 56 shared trading days). Both have run at a similar volatility, around 1% annualised.
USXUSDT
0.65over 56 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 | USX | USDT |
|---|---|---|
| Max drawdown (400d) | -0.2% | -0.2% |
| Risk-adjusted return (90d) | -0.06 | -0.03 |
Relative strength over 90 days: USDT outperformed USX by 0.0% — measured on the USX/USDT ratio, so it holds regardless of market direction.