Tether Gold (XAUT) is 6099234.4× the size of iShares Silver Trust aStock (ASLV) by market capitalisation. Their daily returns move closely together (correlation 0.78 across 31 shared trading days). ASLV has been the more volatile of the two, at 39% annualised against XAUT's 24%.
ASLVXAUT
0.78over 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 | ASLV | XAUT |
|---|---|---|
| Max drawdown (400d) | -16.4% | -19.4% |
| Risk-adjusted return (90d) | -0.42 | -0.20 |
Relative strength over 90 days: XAUT outperformed ASLV by 12.0% — measured on the ASLV/XAUT ratio, so it holds regardless of market direction.