Backed GOVIES 0-6 months EURO vs Tether Gold

Tether Gold (XAUT) is 334.7× the size of Backed GOVIES 0-6 months EURO (BC3M) by market capitalisation. Their daily returns move loosely together (correlation 0.46 across 31 shared trading days). XAUT has been the more volatile of the two, at 24% annualised against BC3M's 4%.

Correlation: 0.46
Size ratio: 1 : 334.7

Backed GOVIES 0-6 months EUROBC3M

$142.1100

24h: +0.65%
Market cap: $9.72M
Volume 24h: —
Volatility (ann.): 4%

Tether GoldXAUT

$4,030.36

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

BC3M 0.3%Share of the two combined market caps99.7% XAUT

Performance

BC3MXAUT

7 days-0.71%-3.11%BC3M
30 days-1.73%-5.07%BC3M
90 days—-7.64%—

Correlation

0.46over 31 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.4690d: 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	BC3M	XAUT
Max drawdown (400d)	-2.2%	-19.4%
Risk-adjusted return (90d)	-0.44	-0.36

Relative strength over 90 days: BC3M outperformed XAUT by 6.0% — measured on the BC3M/XAUT ratio, so it holds regardless of market direction.

Backed GOVIES 0-6 months EURO →Tether Gold →