Tether Gold (XAUT) is 30037.7× the size of ProShares Ultra QQQ Tokenized Stock (Reality) (RQLD) by market capitalisation. Their daily returns move loosely together (correlation 0.39 across 26 shared trading days). RQLD has been the more volatile of the two, at 33% annualised against XAUT's 24%.
$81.4200
RQLDXAUT
0.39over 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 | RQLD | XAUT |
|---|---|---|
| Max drawdown (400d) | -4.3% | -19.4% |
| Risk-adjusted return (90d) | 0.33 | -0.20 |
Relative strength over 90 days: RQLD outperformed XAUT by 14.4% — measured on the RQLD/XAUT ratio, so it holds regardless of market direction.