Tether Gold (XAUT) is 3572.2× the size of EARN (EARN) by market capitalisation. Their daily returns move loosely together (correlation 0.37 across 32 shared trading days). EARN has been the more volatile of the two, at 729% annualised against XAUT's 24%.
EARNXAUT
0.37over 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 | EARN | XAUT |
|---|---|---|
| Max drawdown (400d) | -96.4% | -19.4% |
| Risk-adjusted return (90d) | -0.12 | -0.36 |
Relative strength over 90 days: XAUT outperformed EARN by 86.9% — measured on the EARN/XAUT ratio, so it holds regardless of market direction.