Tether Gold (XAUT) is 329619.2× the size of Landshare (LAND) by market capitalisation. Their daily returns move barely together (correlation 0.08 across 36 shared trading days). LAND has been the more volatile of the two, at 155% annualised against XAUT's 24%.
LANDXAUT
0.08over 36 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 | LAND | XAUT |
|---|---|---|
| Max drawdown (400d) | -60.3% | -19.4% |
| Risk-adjusted return (90d) | -0.30 | -0.27 |
Relative strength over 90 days: XAUT outperformed LAND by 45.3% — measured on the LAND/XAUT ratio, so it holds regardless of market direction.