Tether Gold (XAUT) is 657.6× the size of GoldZip Gold (XGZ) by market capitalisation. Their daily returns move very closely together (correlation 0.98 across 196 shared trading days). XGZ has been the more volatile of the two, at 34% annualised against XAUT's 24%.
XGZXAUT
0.98over 196 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 | XAUT |
|---|---|---|
| Max drawdown (400d) | -28.0% | -19.4% |
| Risk-adjusted return (90d) | -0.18 | -0.36 |
Relative strength over 90 days: XAUT outperformed XGZ by 0.1% — measured on the XGZ/XAUT ratio, so it holds regardless of market direction.