Tether Gold (XAUT) is 289249.9× the size of Invesco QQQ aStock (AQQQ) by market capitalisation. Their daily returns move barely together (correlation 0.32 across 31 shared trading days). XAUT has been the more volatile of the two, at 24% annualised against AQQQ's 20%.
AQQQXAUT
0.32over 31 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 | AQQQ | XAUT |
|---|---|---|
| Max drawdown (400d) | -7.4% | -19.4% |
| Risk-adjusted return (90d) | -0.21 | -0.20 |
Relative strength over 90 days: AQQQ outperformed XAUT by 0.5% — measured on the AQQQ/XAUT ratio, so it holds regardless of market direction.