Etherfuse GILTS vs Tether Gold

Tether Gold (XAUT) is 47216.5× the size of Etherfuse GILTS (GILTS) by market capitalisation. Over the past 90 days, GILTS is ahead by 4.1 percentage points (GILTS -0.3% against XAUT -4.4%). Their daily returns move barely together (correlation 0.03 across 99 shared trading days). Both have run at a similar volatility, around 23% annualised.

Correlation: 0.03
Size ratio: 1 : 47216.5
Ahead over 90 days: GILTS

Etherfuse GILTSGILTS

$1.4300

24h: +0.10%
Market cap: $70,085
Volume 24h: $601
Volatility (ann.): 22%

Tether GoldXAUT

$4,103.26

24h: +1.19%
Market cap: $3.31B
Volume 24h: $412.47M
Volatility (ann.): 24%

GILTS 0.0%Share of the two combined market caps100.0% XAUT

Performance

GILTSXAUT

7 days-0.21%+0.05%XAUT
30 days-1.96%-2.08%GILTS
90 days-0.27%-4.40%GILTS

Correlation

0.03over 99 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.1990d: 0.171y: insufficient data

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.

Risk & extremes

Metric	GILTS	XAUT
Max drawdown (400d)	-7.9%	-19.4%
Risk-adjusted return (90d)	-0.02	-0.20

Relative strength over 90 days: GILTS outperformed XAUT by 11.5% — measured on the GILTS/XAUT ratio, so it holds regardless of market direction.

Etherfuse GILTS →Tether Gold →