Tether Gold (XAUT) is 5650.7× the size of iShares Silver Trust Tokenized Stock (Reality) (RSLV) by market capitalisation. Their daily returns move very closely together (correlation 0.87 across 25 shared trading days). RSLV has been the more volatile of the two, at 36% annualised against XAUT's 24%.
$44.7900
RSLVXAUT
0.87over 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 | RSLV | XAUT |
|---|---|---|
| Max drawdown (400d) | -12.1% | -19.4% |
| Risk-adjusted return (90d) | -0.18 | -0.20 |
Relative strength over 90 days: XAUT outperformed RSLV by 4.4% — measured on the RSLV/XAUT ratio, so it holds regardless of market direction.