Tether Gold (XAUT) is 1744.6× the size of DeFi S&P 500 (DESPXA) by market capitalisation. Their daily returns move loosely together (correlation 0.55 across 40 shared trading days). XAUT has been the more volatile of the two, at 24% annualised against DESPXA's 11%.
DESPXAXAUT
0.55over 40 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 | DESPXA | XAUT |
|---|---|---|
| Max drawdown (400d) | -2.5% | -19.4% |
| Risk-adjusted return (90d) | -0.18 | -0.36 |
Relative strength over 90 days: DESPXA outperformed XAUT by 10.8% — measured on the DESPXA/XAUT ratio, so it holds regardless of market direction.