GHO (GHO) is 6050.6× the size of Inverse USD (INVUSD) by market capitalisation. Their daily returns move barely together (correlation 0.27 across 20 shared trading days). INVUSD has been the more volatile of the two, at 46% annualised against GHO's 1%.
INVUSDGHO
0.27over 20 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 | INVUSD | GHO |
|---|---|---|
| Max drawdown (400d) | -7.1% | -0.2% |
| Risk-adjusted return (90d) | 0.29 | 0.02 |
Relative strength over 90 days: GHO outperformed INVUSD by 3.2% — measured on the INVUSD/GHO ratio, so it holds regardless of market direction.