Tether Gold (XAUT) is 314816.5× the size of Invesco NASDAQ 100 (ST0x Tokenized ETF) (WTQQQM) by market capitalisation. Their daily returns move loosely together (correlation 0.48 across 34 shared trading days). Both have run at a similar volatility, around 23% annualised.
$285.3400
WTQQQMXAUT
0.48over 34 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 | WTQQQM | XAUT |
|---|---|---|
| Max drawdown (400d) | -10.2% | -19.4% |
| Risk-adjusted return (90d) | -0.29 | -0.20 |
Relative strength over 90 days: XAUT outperformed WTQQQM by 3.3% — measured on the WTQQQM/XAUT ratio, so it holds regardless of market direction.