Backed CSPX Core S&P 500 vs Tether Gold

Tether Gold (XAUT) is 129.9× the size of Backed CSPX Core S&P 500 (BCSPX) by market capitalisation. Their daily returns move loosely in opposite directions (correlation -0.46 across 46 shared trading days). BCSPX has been the more volatile of the two, at 75% annualised against XAUT's 24%.

Correlation: -0.46
Size ratio: 1 : 129.9

Backed CSPX Core S&P 500BCSPX

$679.3400

24h: +0.38%
Market cap: $25.05M
Volume 24h: $1
Volatility (ann.): 75%

Tether GoldXAUT

$4,033

24h: +1.85%
Market cap: $3.25B
Volume 24h: $260.40M
Volatility (ann.): 24%

BCSPX 0.8%Share of the two combined market caps99.2% XAUT

Performance

BCSPXXAUT

7 days-11.23%-3.11%XAUT
30 days-18.47%-5.07%XAUT
90 days—-7.64%—

Correlation

-0.46over 46 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.5690d: insufficient data1y: insufficient data

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.

Risk & extremes

Metric	BCSPX	XAUT
Max drawdown (400d)	-21.9%	-19.4%
Risk-adjusted return (90d)	-0.24	-0.36

Relative strength over 90 days: XAUT outperformed BCSPX by 2.8% — measured on the BCSPX/XAUT ratio, so it holds regardless of market direction.

Backed CSPX Core S&P 500 →Tether Gold →