Tether Gold (XAUT) is 904.9× the size of Propchain (PROPC) by market capitalisation. Their daily returns move barely together (correlation 0.11 across 197 shared trading days). PROPC has been the more volatile of the two, at 100% annualised against XAUT's 24%.
PROPCXAUT
0.11over 197 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 | PROPC | XAUT |
|---|---|---|
| Max drawdown (400d) | -88.0% | -19.4% |
| Risk-adjusted return (90d) | 0.06 | -0.36 |
| Best 30 days (past year) | +73.3% | — |
| Worst 30 days (past year) | -45.1% | — |
Relative strength over 90 days: PROPC outperformed XAUT by 13.4% — measured on the PROPC/XAUT ratio, so it holds regardless of market direction.