Tether Gold (XAUT) is 18548.7× the size of iShares Gold Trust (Dinari Tokenized ETF) (IAU) by market capitalisation. Their daily returns move very closely together (correlation 0.97 across 27 shared trading days). Both have run at a similar volatility, around 23% annualised.
$77.4900
IAUXAUT
0.97over 27 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 | IAU | XAUT |
|---|---|---|
| Max drawdown (400d) | -7.8% | -19.4% |
| Risk-adjusted return (90d) | -0.32 | -0.20 |
Relative strength over 90 days: IAU outperformed XAUT by 0.2% — measured on the IAU/XAUT ratio, so it holds regardless of market direction.