iShares MSCI Japan ETF Tokenized Stock (Reality) vs Tether Gold

Tether Gold (XAUT) is 316622.5× the size of iShares MSCI Japan ETF Tokenized Stock (Reality) (REWJ) by market capitalisation. Their daily returns move barely together (correlation 0.22 across 25 shared trading days). XAUT has been the more volatile of the two, at 24% annualised against REWJ's 14%.

Correlation: 0.22
Size ratio: 1 : 316622.5

iShares MSCI Japan ETF Tokenized Stock (Reality)REWJ

$92.6900

24h: +2.11%
Market cap: $10,479
Volume 24h: $399
Volatility (ann.): 14%

Tether GoldXAUT

$4,102.09

24h: +1.88%
Market cap: $3.32B
Volume 24h: $330.23M
Volatility (ann.): 24%

REWJ 0.0%Share of the two combined market caps100.0% XAUT

Performance

REWJXAUT

7 days-0.46%+0.05%XAUT
30 days-2.39%-2.08%XAUT
90 days—-4.40%—

Correlation

0.22over 25 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.2290d: 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	REWJ	XAUT
Max drawdown (400d)	-5.4%	-19.4%
Risk-adjusted return (90d)	-0.17	-0.20

Relative strength over 90 days: XAUT outperformed REWJ by 0.7% — measured on the REWJ/XAUT ratio, so it holds regardless of market direction.

iShares MSCI Japan ETF Tokenized Stock (Reality) →Tether Gold →