Tether Gold (XAUT) is 3196985.0× the size of Direxion Daily Semiconductor Bull 3x aStock (ASOXL) by market capitalisation. Their daily returns move barely together (correlation 0.33 across 31 shared trading days). ASOXL has been the more volatile of the two, at 127% annualised against XAUT's 24%.
$69.9700
ASOXLXAUT
0.33over 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 | ASOXL | XAUT |
|---|---|---|
| Max drawdown (400d) | -51.0% | -19.4% |
| Risk-adjusted return (90d) | -0.31 | -0.20 |
Relative strength over 90 days: XAUT outperformed ASOXL by 36.0% — measured on the ASOXL/XAUT ratio, so it holds regardless of market direction.