Kula (KULA) and Tether Gold (XAUT) compared side by side. Their daily returns move barely in opposite directions (correlation -0.00 across 196 shared trading days). KULA has been the more volatile of the two, at 81% annualised against XAUT's 24%.
KULAXAUT
-0.00over 196 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 | KULA | XAUT |
|---|---|---|
| Max drawdown (400d) | -95.1% | -19.4% |
| Risk-adjusted return (90d) | -0.88 | -0.36 |
| Best 30 days (past year) | +16.9% | — |
| Worst 30 days (past year) | -56.2% | — |
Relative strength over 90 days: XAUT outperformed KULA by 55.7% — measured on the KULA/XAUT ratio, so it holds regardless of market direction.