Tether Gold (XAUT) is 176216.4× the size of iShares Gold Trust Tokenized Stock (Reality) (RIAU) by market capitalisation. Their daily returns move very closely together (correlation 0.97 across 25 shared trading days). Both have run at a similar volatility, around 23% annualised.
$76.2500
RIAUXAUT
0.97over 25 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 | RIAU | XAUT |
|---|---|---|
| Max drawdown (400d) | -6.4% | -19.4% |
| Risk-adjusted return (90d) | -0.13 | -0.27 |
Relative strength over 90 days: XAUT outperformed RIAU by 0.0% — measured on the RIAU/XAUT ratio, so it holds regardless of market direction.