Maya Preferred PRA (MPRA) and Tether Gold (XAUT) compared side by side. Their daily returns move barely together (correlation 0.13 across 29 shared trading days). MPRA has been the more volatile of the two, at 1264% annualised against XAUT's 24%.
MPRAXAUT
0.13over 29 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 | MPRA | XAUT |
|---|---|---|
| Max drawdown (400d) | -69.8% | -19.4% |
| Risk-adjusted return (90d) | 0.05 | -0.36 |
Relative strength over 90 days: MPRA outperformed XAUT by 63.6% — measured on the MPRA/XAUT ratio, so it holds regardless of market direction.