Tether Gold (XAUT) is 244797.8× the size of Moongate (MGT) by market capitalisation. Their daily returns move barely together (correlation 0.16 across 29 shared trading days). MGT has been the more volatile of the two, at 567% annualised against XAUT's 24%.
MGTXAUT
0.16over 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 | MGT | XAUT |
|---|---|---|
| Max drawdown (400d) | -89.2% | -19.4% |
| Risk-adjusted return (90d) | -0.15 | -0.20 |
Relative strength over 90 days: XAUT outperformed MGT by 86.9% — measured on the MGT/XAUT ratio, so it holds regardless of market direction.