Tether Gold (XAUT) is 546.2× the size of Invesco QQQ • Robinhood Token (QQQ) by market capitalisation. Their daily returns move closely together (correlation 0.70 across 38 shared trading days). Both have run at a similar volatility, around 24% annualised.
$675.8900
QQQXAUT
0.70over 38 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 | QQQ | XAUT |
|---|---|---|
| Max drawdown (400d) | -8.2% | -19.4% |
| Risk-adjusted return (90d) | -0.18 | -0.36 |
Relative strength over 90 days: QQQ outperformed XAUT by 8.5% — measured on the QQQ/XAUT ratio, so it holds regardless of market direction.