Tether Gold (XAUT) is 29.5× the size of Nest BlackOpal LiquidStone II Vault (NOPAL) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.04 across 57 shared trading days). XAUT has been the more volatile of the two, at 24% annualised against NOPAL's 2%.
$1.1100
NOPALXAUT
-0.04over 57 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 | NOPAL | XAUT |
|---|---|---|
| Max drawdown (400d) | 0.0% | -19.4% |
| Risk-adjusted return (90d) | 0.83 | -0.20 |
Relative strength over 90 days: NOPAL outperformed XAUT by 9.0% — measured on the NOPAL/XAUT ratio, so it holds regardless of market direction.