Kinesis Gold (KAU) is 71.9× the size of GoldZip Gold (XGZ) by market capitalisation. Their daily returns move closely together (correlation 0.82 across 43 shared trading days). Both have run at a similar volatility, around 34% annualised.
XGZKAU
0.82over 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 | XGZ | KAU |
|---|---|---|
| Max drawdown (400d) | -28.0% | -18.0% |
| Risk-adjusted return (90d) | -0.18 | -0.32 |
Relative strength over 90 days: XGZ outperformed KAU by 0.9% — measured on the XGZ/KAU ratio, so it holds regardless of market direction.