Tether Gold (XAUT) is 292.7× the size of JTRSY deRWA (DEJTRSY) by market capitalisation. Their daily returns move barely together (correlation 0.30 across 26 shared trading days). XAUT has been the more volatile of the two, at 24% annualised against DEJTRSY's 2%.
DEJTRSYXAUT
0.30over 26 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 | DEJTRSY | XAUT |
|---|---|---|
| Max drawdown (400d) | -0.3% | -19.4% |
| Risk-adjusted return (90d) | 0.04 | -0.36 |
Relative strength over 90 days: DEJTRSY outperformed XAUT by 8.3% — measured on the DEJTRSY/XAUT ratio, so it holds regardless of market direction.