Tether Gold (XAUT) is 9413.9× the size of Global X Copper Miners xStock (COPXX) by market capitalisation. Their daily returns move barely together (correlation 0.31 across 28 shared trading days). COPXX has been the more volatile of the two, at 44% annualised against XAUT's 24%.
$74.5700
COPXXXAUT
0.31over 28 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 | COPXX | XAUT |
|---|---|---|
| Max drawdown (400d) | -13.5% | -19.4% |
| Risk-adjusted return (90d) | -0.15 | -0.20 |
Relative strength over 90 days: COPXX outperformed XAUT by 0.6% — measured on the COPXX/XAUT ratio, so it holds regardless of market direction.