Tether Gold (XAUT) is 72261.5× the size of Dell Technologies (Backpack Securities) (DELL) by market capitalisation. Their daily returns move barely together (correlation 0.33 across 32 shared trading days). DELL has been the more volatile of the two, at 113% annualised against XAUT's 24%.
$327.3700
DELLXAUT
0.33over 32 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 | DELL | XAUT |
|---|---|---|
| Max drawdown (400d) | -45.8% | -19.4% |
| Risk-adjusted return (90d) | -0.35 | -0.27 |
Relative strength over 90 days: XAUT outperformed DELL by 35.0% — measured on the DELL/XAUT ratio, so it holds regardless of market direction.