Tether Gold (XAUT) is 18697430.6× the size of Defiance Quantum aStock (AQTUM) by market capitalisation. Their daily returns move loosely together (correlation 0.43 across 31 shared trading days). AQTUM has been the more volatile of the two, at 33% annualised against XAUT's 24%.
AQTUMXAUT
0.43over 31 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 | AQTUM | XAUT |
|---|---|---|
| Max drawdown (400d) | -13.7% | -19.4% |
| Risk-adjusted return (90d) | -0.21 | -0.36 |
Relative strength over 90 days: XAUT outperformed AQTUM by 2.3% — measured on the AQTUM/XAUT ratio, so it holds regardless of market direction.