Tether (USDT) is 12690.3× the size of VNX (VNX) by market capitalisation. Their daily returns move barely together (correlation 0.33 across 24 shared trading days). VNX has been the more volatile of the two, at 23% annualised against USDT's 1%.
VNXUSDT
0.33over 24 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 | VNX | USDT |
|---|---|---|
| Max drawdown (400d) | -2.7% | -0.2% |
| Risk-adjusted return (90d) | -0.02 | -0.03 |
Relative strength over 90 days: VNX outperformed USDT by 0.2% — measured on the VNX/USDT ratio, so it holds regardless of market direction.