Tether Gold (XAUT) is 105.7× the size of Propy (PRO) by market capitalisation. Their daily returns move barely together (correlation 0.12 across 52 shared trading days). PRO has been the more volatile of the two, at 63% annualised against XAUT's 24%.
PROXAUT
0.12over 52 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 | PRO | XAUT |
|---|---|---|
| Max drawdown (400d) | -24.5% | -19.4% |
| Risk-adjusted return (90d) | -0.25 | -0.36 |
Relative strength over 90 days: XAUT outperformed PRO by 1.9% — measured on the PRO/XAUT ratio, so it holds regardless of market direction.