International Business Machines (Backpack Securities) vs Tether Gold

Tether Gold (XAUT) is 25719.4× the size of International Business Machines (Backpack Securities) (IBM) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.22 across 32 shared trading days). IBM has been the more volatile of the two, at 66% annualised against XAUT's 24%.

Correlation: -0.22
Size ratio: 1 : 25719.4

International Business Machines (Backpack Securities)IBM

$245.1100

24h: -2.41%
Market cap: $127,309
Volume 24h: $25,192
Volatility (ann.): 66%

Tether GoldXAUT

$4,048.94

24h: -1.41%
Market cap: $3.27B
Volume 24h: $379.60M
Volatility (ann.): 24%

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

Performance

IBMXAUT

7 days-3.20%+1.67%XAUT
30 days+6.42%-2.25%IBM
90 days—-5.95%—

Correlation

-0.22over 32 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.2690d: 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	IBM	XAUT
Max drawdown (400d)	-12.4%	-19.4%
Risk-adjusted return (90d)	0.06	-0.27

Relative strength over 90 days: IBM outperformed XAUT by 12.2% — measured on the IBM/XAUT ratio, so it holds regardless of market direction.

International Business Machines (Backpack Securities) →Tether Gold →