Tether Gold (XAUT) is 1651.2× the size of Herculis Gold Coin (XAUH) by market capitalisation. Their daily returns move very closely together (correlation 0.89 across 39 shared trading days). Both have run at a similar volatility, around 25% annualised.
XAUHXAUT
0.89over 39 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 | XAUH | XAUT |
|---|---|---|
| Max drawdown (400d) | -13.3% | -19.4% |
| Risk-adjusted return (90d) | -0.47 | -0.36 |
Relative strength over 90 days: XAUT outperformed XAUH by 0.4% — measured on the XAUH/XAUT ratio, so it holds regardless of market direction.