Tether Gold (XAUT) is 86251.6× the size of AgriDex (AGRI) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.14 across 35 shared trading days). AGRI has been the more volatile of the two, at 258% annualised against XAUT's 24%.
AGRIXAUT
-0.14over 35 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 | AGRI | XAUT |
|---|---|---|
| Max drawdown (400d) | -73.3% | -19.4% |
| Risk-adjusted return (90d) | -0.25 | -0.20 |
Relative strength over 90 days: XAUT outperformed AGRI by 64.3% — measured on the AGRI/XAUT ratio, so it holds regardless of market direction.