Z500 vs Tether

Tether (USDT) is 7656614.2× the size of Z500 (Z500) by market capitalisation. Over the past 30 days, USDT is ahead by 46.9 percentage points (Z500 -47.0% against USDT -0.1%). Their daily returns move barely together (correlation 0.27 across 26 shared trading days). Z500 has been the more volatile of the two, at 147% annualised against USDT's 1%.

Correlation: 0.27
Size ratio: 1 : 7656614.2
Ahead over 30 days: USDT

Z500Z500

$2.325e-5

24h: -5.30%
Market cap: $23,190
Volume 24h: $988
Volatility (ann.): 147%

TetherUSDT

$0.998932

24h: -0.05%
Market cap: $177.56B
Volume 24h: $69.94B
Volatility (ann.): 1%

Z500 0.0%Share of the two combined market caps100.0% USDT

Performance

Z500USDT

7 days-9.51%+0.07%USDT
30 days-46.97%-0.09%USDT

Correlation

0.27over 26 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.2790d: 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	Z500	USDT
Max drawdown (400d)	-48.4%	-0.2%
Risk-adjusted return (90d)	-0.32	-0.05

Relative strength over 90 days: USDT outperformed Z500 by 46.6% — measured on the Z500/USDT ratio, so it holds regardless of market direction.

Z500 →Tether →