GraniteShares 2x Short SK Hynix Daily ETF aStock vs Tether Gold

Tether Gold (XAUT) is 350764185.5× the size of GraniteShares 2x Short SK Hynix Daily ETF aStock (ASKDD) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.29 across 31 shared trading days). ASKDD has been the more volatile of the two, at 134% annualised against XAUT's 24%.

Correlation: -0.29
Size ratio: 1 : 350764185.5

GraniteShares 2x Short SK Hynix Daily ETF aStockASKDD

$9.3600

24h: +4.58%
Market cap: $9
Volume 24h: —
Volatility (ann.): 134%

Tether GoldXAUT

$4,069.65

24h: +3.44%
Market cap: $3.28B
Volume 24h: $264.87M
Volatility (ann.): 24%

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

Performance

ASKDDXAUT

7 days-9.45%+0.05%XAUT
30 days+57.23%-2.08%ASKDD
90 days—-4.40%—

Correlation

-0.29over 31 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.2990d: 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	ASKDD	XAUT
Max drawdown (400d)	-17.8%	-19.4%
Risk-adjusted return (90d)	0.43	-0.20

Relative strength over 90 days: ASKDD outperformed XAUT by 65.0% — measured on the ASKDD/XAUT ratio, so it holds regardless of market direction.

GraniteShares 2x Short SK Hynix Daily ETF aStock →Tether Gold →