Tether Gold (XAUT) is 4478665.3× the size of Franklin FTSE South Korea aStock (AFLKR) by market capitalisation. Their daily returns move barely together (correlation 0.20 across 31 shared trading days). AFLKR has been the more volatile of the two, at 43% annualised against XAUT's 24%.
AFLKRXAUT
0.20over 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 | AFLKR | XAUT |
|---|---|---|
| Max drawdown (400d) | -21.4% | -19.4% |
| Risk-adjusted return (90d) | -0.41 | -0.20 |
Relative strength over 90 days: XAUT outperformed AFLKR by 13.7% — measured on the AFLKR/XAUT ratio, so it holds regardless of market direction.