Tether Gold (XAUT) is 13752.0× the size of abrdn Physical Platinum Shares xStock (PPLTX) by market capitalisation. Their daily returns move closely together (correlation 0.71 across 29 shared trading days). PPLTX has been the more volatile of the two, at 75% annualised against XAUT's 24%.
$13.7300
PPLTXXAUT
0.71over 29 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 | PPLTX | XAUT |
|---|---|---|
| Max drawdown (400d) | -26.9% | -19.4% |
| Risk-adjusted return (90d) | -0.31 | -0.20 |
Relative strength over 90 days: XAUT outperformed PPLTX by 15.3% — measured on the PPLTX/XAUT ratio, so it holds regardless of market direction.