X Link vs Tether

Tether (USDT) is 10293545.6× the size of X Link (XL) by market capitalisation. Over the past 30 days, USDT is ahead by 75.2 percentage points (XL -75.3% against USDT -0.0%). Their daily returns move barely in opposite directions (correlation -0.19 across 24 shared trading days). XL has been the more volatile of the two, at 249% annualised against USDT's 1%.

Correlation: -0.19
Size ratio: 1 : 10293545.6
Ahead over 30 days: USDT

X LinkXL

$1.765e-5

24h: +4.59%
Market cap: $17,318
Volume 24h: $470
Volatility (ann.): 249%

TetherUSDT

$0.999409

24h: +0.05%
Market cap: $178.27B
Volume 24h: $58.65B
Volatility (ann.): 1%

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

Performance

XLUSDT

7 days-10.93%+0.03%USDT
30 days-75.26%-0.04%USDT

Correlation

-0.19over 24 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: insufficient data90d: 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	XL	USDT
Max drawdown (400d)	-87.4%	-0.2%
Risk-adjusted return (90d)	-0.34	0.03

Relative strength over 90 days: USDT outperformed XL by 58.8% — measured on the XL/USDT ratio, so it holds regardless of market direction.

X Link →Tether →