Tether Gold (XAUT) is 138.8× the size of OpenAI (Republic Pre-IPO) (PREOPAI) by market capitalisation. Their daily returns move barely together (correlation 0.25 across 36 shared trading days). PREOPAI has been the more volatile of the two, at 53% annualised against XAUT's 24%.
$805.5200
PREOPAIXAUT
0.25over 36 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 | PREOPAI | XAUT |
|---|---|---|
| Max drawdown (400d) | -16.7% | -19.4% |
| Risk-adjusted return (90d) | 0.14 | -0.36 |
Relative strength over 90 days: PREOPAI outperformed XAUT by 25.0% — measured on the PREOPAI/XAUT ratio, so it holds regardless of market direction.