Tether (USDT) is 3752193.3× the size of Virtu by Virtuals (VIRTU) by market capitalisation. Their daily returns move barely together (correlation 0.06 across 31 shared trading days). VIRTU has been the more volatile of the two, at 110% annualised against USDT's 1%.
VIRTUUSDT
0.06over 31 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 | VIRTU | USDT |
|---|---|---|
| Max drawdown (400d) | -48.0% | -0.2% |
| Risk-adjusted return (90d) | 0.03 | 0.03 |
Relative strength over 90 days: VIRTU outperformed USDT by 45.1% — measured on the VIRTU/USDT ratio, so it holds regardless of market direction.