Tether Gold (XAUT) is 459.4× the size of Anthropic PreStocks (ANTHROPIC) by market capitalisation. Their daily returns move barely together (correlation 0.22 across 41 shared trading days). ANTHROPIC has been the more volatile of the two, at 60% annualised against XAUT's 24%.
$923.9900
ANTHROPICXAUT
0.22over 41 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 | ANTHROPIC | XAUT |
|---|---|---|
| Max drawdown (400d) | -12.3% | -19.4% |
| Risk-adjusted return (90d) | 0.15 | -0.36 |
Relative strength over 90 days: ANTHROPIC outperformed XAUT by 23.5% — measured on the ANTHROPIC/XAUT ratio, so it holds regardless of market direction.