Tether Gold (XAUT) is 138.5× the size of Energy Web Token (EWT) by market capitalisation. Their daily returns move barely together (correlation 0.07 across 43 shared trading days). EWT has been the more volatile of the two, at 97% annualised against XAUT's 24%.
EWTXAUT
0.07over 43 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 | EWT | XAUT |
|---|---|---|
| Max drawdown (400d) | -21.1% | -19.4% |
| Risk-adjusted return (90d) | 0.01 | -0.36 |
Relative strength over 90 days: EWT outperformed XAUT by 14.7% — measured on the EWT/XAUT ratio, so it holds regardless of market direction.