Tether Gold (XAUT) is 1975.9× the size of iShares Silver Trust xStock (SLVX) by market capitalisation. Their daily returns move loosely together (correlation 0.59 across 37 shared trading days). SLVX has been the more volatile of the two, at 59% annualised against XAUT's 24%.
$45.4600
SLVXXAUT
0.59over 37 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 | SLVX | XAUT |
|---|---|---|
| Max drawdown (400d) | -21.1% | -19.4% |
| Risk-adjusted return (90d) | -0.27 | -0.36 |
Relative strength over 90 days: XAUT outperformed SLVX by 5.1% — measured on the SLVX/XAUT ratio, so it holds regardless of market direction.