Tether Gold (XAUT) is 3217.9× the size of Arianee (ARIA20) by market capitalisation. Their daily returns move loosely together (correlation 0.40 across 30 shared trading days). ARIA20 has been the more volatile of the two, at 61% annualised against XAUT's 24%.
ARIA20XAUT
0.40over 30 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 | ARIA20 | XAUT |
|---|---|---|
| Max drawdown (400d) | -6.5% | -19.4% |
| Risk-adjusted return (90d) | 0.19 | -0.36 |
Relative strength over 90 days: ARIA20 outperformed XAUT by 19.5% — measured on the ARIA20/XAUT ratio, so it holds regardless of market direction.