Tether Gold (XAUT) is 1451.5× the size of Multi Asset Investment Vehicle (MAIV) by market capitalisation. Their daily returns move barely together (correlation 0.24 across 33 shared trading days). MAIV has been the more volatile of the two, at 569% annualised against XAUT's 24%.
MAIVXAUT
0.24over 33 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 | MAIV | XAUT |
|---|---|---|
| Max drawdown (400d) | -78.8% | -19.4% |
| Risk-adjusted return (90d) | -0.13 | -0.36 |
Relative strength over 90 days: XAUT outperformed MAIV by 72.2% — measured on the MAIV/XAUT ratio, so it holds regardless of market direction.