Tether Gold (XAUT) is 4594353.4× the size of iShares MSCI South Korea aStock (AEWY) by market capitalisation. Their daily returns move barely together (correlation 0.18 across 31 shared trading days). AEWY has been the more volatile of the two, at 45% annualised against XAUT's 24%.
AEWYXAUT
0.18over 31 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 | AEWY | XAUT |
|---|---|---|
| Max drawdown (400d) | -22.4% | -19.4% |
| Risk-adjusted return (90d) | -0.39 | -0.20 |
Relative strength over 90 days: XAUT outperformed AEWY by 13.5% — measured on the AEWY/XAUT ratio, so it holds regardless of market direction.