iShares 0-3 Month Treasury Bond ETF • Robinhood Token vs Tether Gold

Tether Gold (XAUT) is 1980.8× the size of iShares 0-3 Month Treasury Bond ETF • Robinhood Token (SGOV) by market capitalisation. Their daily returns move loosely in opposite directions (correlation -0.45 across 37 shared trading days). XAUT has been the more volatile of the two, at 24% annualised against SGOV's 1%.

Correlation: -0.45
Size ratio: 1 : 1980.8

iShares 0-3 Month Treasury Bond ETF • Robinhood TokenSGOV

$101.3900

24h: -0.30%
Market cap: $1.64M
Volume 24h: —
Volatility (ann.): 1%

Tether GoldXAUT

$4,033

24h: +1.85%
Market cap: $3.25B
Volume 24h: $260.40M
Volatility (ann.): 24%

SGOV 0.1%Share of the two combined market caps99.9% XAUT

Performance

SGOVXAUT

7 days+0.27%-3.11%SGOV
30 days+0.47%-5.07%SGOV
90 days—-7.64%—

Correlation

-0.45over 37 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.5490d: 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	SGOV	XAUT
Max drawdown (400d)	-0.1%	-19.4%
Risk-adjusted return (90d)	0.70	-0.36

Relative strength over 90 days: SGOV outperformed XAUT by 13.3% — measured on the SGOV/XAUT ratio, so it holds regardless of market direction.

iShares 0-3 Month Treasury Bond ETF • Robinhood Token →Tether Gold →