Tether Gold (XAUT) is 342.6× the size of ELYSIA (EL) by market capitalisation. Their daily returns move barely together (correlation 0.28 across 41 shared trading days). EL has been the more volatile of the two, at 102% annualised against XAUT's 24%.
ELXAUT
0.28over 41 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 | EL | XAUT |
|---|---|---|
| Max drawdown (400d) | -23.5% | -19.4% |
| Risk-adjusted return (90d) | -0.02 | -0.36 |
Relative strength over 90 days: EL outperformed XAUT by 10.9% — measured on the EL/XAUT ratio, so it holds regardless of market direction.