Tether Gold (XAUT) is 506.3× the size of Micron Technology (Backpack Securities) (MU) by market capitalisation. Their daily returns move loosely together (correlation 0.55 across 41 shared trading days). MU has been the more volatile of the two, at 72% annualised against XAUT's 24%.
$839.5400
MUXAUT
0.55over 41 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 | MU | XAUT |
|---|---|---|
| Max drawdown (400d) | -23.8% | -19.4% |
| Risk-adjusted return (90d) | -0.12 | -0.36 |
Relative strength over 90 days: MU outperformed XAUT by 3.5% — measured on the MU/XAUT ratio, so it holds regardless of market direction.