Tether Gold (XAUT) is 872.5× the size of OpenAI PreStocks (OPENAI) by market capitalisation. Their daily returns move barely together (correlation 0.24 across 40 shared trading days). OPENAI has been the more volatile of the two, at 157% annualised against XAUT's 24%.
OPENAIXAUT
0.24over 40 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 | OPENAI | XAUT |
|---|---|---|
| Max drawdown (400d) | -28.4% | -19.4% |
| Risk-adjusted return (90d) | 0.21 | -0.36 |
Relative strength over 90 days: OPENAI outperformed XAUT by 49.3% — measured on the OPENAI/XAUT ratio, so it holds regardless of market direction.