Tether Gold (XAUT) is 123.4× the size of Obligate Trade Finance Yield (OTFY) by market capitalisation. Their daily returns move loosely in opposite directions (correlation -0.59 across 43 shared trading days). XAUT has been the more volatile of the two, at 24% annualised against OTFY's 2%.
$1.0260
OTFYXAUT
-0.59over 43 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 | OTFY | XAUT |
|---|---|---|
| Max drawdown (400d) | -0.1% | -19.4% |
| Risk-adjusted return (90d) | 0.87 | -0.36 |
Relative strength over 90 days: OTFY outperformed XAUT by 18.3% — measured on the OTFY/XAUT ratio, so it holds regardless of market direction.