Tether Gold (XAUT) is 41.0× the size of Pleasing Gold (PGOLD) by market capitalisation. Their daily returns move barely together (correlation 0.05 across 50 shared trading days). PGOLD has been the more volatile of the two, at 5421% annualised against XAUT's 24%.
PGOLDXAUT
0.05over 50 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 | PGOLD | XAUT |
|---|---|---|
| Max drawdown (400d) | -59.0% | -19.4% |
| Risk-adjusted return (90d) | 0.12 | -0.36 |
Relative strength over 90 days: PGOLD outperformed XAUT by 743.6% — measured on the PGOLD/XAUT ratio, so it holds regardless of market direction.