Tether Gold (XAUT) is 7624.8× the size of Ember Gold (EXAU) by market capitalisation. Their daily returns move very closely together (correlation 0.94 across 31 shared trading days). Both have run at a similar volatility, around 23% annualised.
EXAUXAUT
0.94over 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 | EXAU | XAUT |
|---|---|---|
| Max drawdown (400d) | -7.7% | -19.4% |
| Risk-adjusted return (90d) | -0.15 | -0.20 |
Relative strength over 90 days: XAUT outperformed EXAU by 0.0% — measured on the EXAU/XAUT ratio, so it holds regardless of market direction.