Tether Gold (XAUT) is 39.5× the size of Goldfish Gold (GGBR) by market capitalisation. Their daily returns move loosely together (correlation 0.44 across 57 shared trading days). GGBR has been the more volatile of the two, at 41% annualised against XAUT's 24%.
GGBRXAUT
0.44over 57 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 | GGBR | XAUT |
|---|---|---|
| Max drawdown (400d) | -16.6% | -19.4% |
| Risk-adjusted return (90d) | -0.17 | -0.20 |
Relative strength over 90 days: XAUT outperformed GGBR by 0.5% — measured on the GGBR/XAUT ratio, so it holds regardless of market direction.