GraniteShares 2x Short NVDA Daily ETF aStock vs Tether Gold

Tether Gold (XAUT) is 587168189.1× the size of GraniteShares 2x Short NVDA Daily ETF aStock (ANVD) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.05 across 31 shared trading days). ANVD has been the more volatile of the two, at 59% annualised against XAUT's 24%.

Correlation: -0.05
Size ratio: 1 : 587168189.1

GraniteShares 2x Short NVDA Daily ETF aStockANVD

$4.4300

24h: -0.34%
Market cap: $6
Volume 24h: —
Volatility (ann.): 59%

Tether GoldXAUT

$4,075.69

24h: +3.77%
Market cap: $3.29B
Volume 24h: $268.77M
Volatility (ann.): 24%

ANVD 0.0%Share of the two combined market caps100.0% XAUT

Performance

ANVDXAUT

7 days-0.50%+0.05%XAUT
30 days+6.68%-2.08%ANVD
90 days—-4.40%—

Correlation

-0.05over 31 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.0590d: insufficient data1y: insufficient data

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.

Risk & extremes

Metric	ANVD	XAUT
Max drawdown (400d)	-12.0%	-19.4%
Risk-adjusted return (90d)	0.11	-0.20

Relative strength over 90 days: ANVD outperformed XAUT by 12.0% — measured on the ANVD/XAUT ratio, so it holds regardless of market direction.

GraniteShares 2x Short NVDA Daily ETF aStock →Tether Gold →