Tether Gold (XAUT) is 3737.1× the size of Proshares Ultra CRC Tokenized Stock (Reality) (RCRCA) by market capitalisation. Their daily returns move loosely together (correlation 0.46 across 26 shared trading days). RCRCA has been the more volatile of the two, at 123% annualised against XAUT's 24%.
$13.9900
RCRCAXAUT
0.46over 26 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 | RCRCA | XAUT |
|---|---|---|
| Max drawdown (400d) | -28.5% | -19.4% |
| Risk-adjusted return (90d) | -0.12 | -0.20 |
Relative strength over 90 days: XAUT outperformed RCRCA by 11.9% — measured on the RCRCA/XAUT ratio, so it holds regardless of market direction.