Tether Gold (XAUT) is 723.1× the size of Arowana (ARW) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.13 across 188 shared trading days). ARW has been the more volatile of the two, at 229% annualised against XAUT's 24%.
ARWXAUT
-0.13over 188 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 | ARW | XAUT |
|---|---|---|
| Max drawdown (400d) | -97.3% | -19.4% |
| Risk-adjusted return (90d) | -0.24 | -0.36 |
Relative strength over 90 days: XAUT outperformed ARW by 88.3% — measured on the ARW/XAUT ratio, so it holds regardless of market direction.