Tether Gold (XAUT) is 3890827.4× the size of ARK Autonomous Technology aStock (AARKQ) by market capitalisation. Their daily returns move barely together (correlation 0.27 across 31 shared trading days). AARKQ has been the more volatile of the two, at 28% annualised against XAUT's 24%.
$110.5000
AARKQXAUT
0.27over 31 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 | AARKQ | XAUT |
|---|---|---|
| Max drawdown (400d) | -12.4% | -19.4% |
| Risk-adjusted return (90d) | -0.26 | -0.20 |
Relative strength over 90 days: XAUT outperformed AARKQ by 2.7% — measured on the AARKQ/XAUT ratio, so it holds regardless of market direction.