Tether Gold (XAUT) is 5136.8× the size of CANA Holdings California Carbon Credits (CANA) by market capitalisation. Their daily returns move barely together (correlation 0.33 across 33 shared trading days). CANA has been the more volatile of the two, at 127% annualised against XAUT's 24%.
$20.5300
CANAXAUT
0.33over 33 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 | CANA | XAUT |
|---|---|---|
| Max drawdown (400d) | -27.0% | -19.4% |
| Risk-adjusted return (90d) | -0.02 | -0.36 |
Relative strength over 90 days: CANA outperformed XAUT by 10.1% — measured on the CANA/XAUT ratio, so it holds regardless of market direction.