Tether Gold (XAUT) is 7157475.9× the size of ProShares UltraPro QQQ aStock (ATQQQ) by market capitalisation. Their daily returns move barely together (correlation 0.32 across 31 shared trading days). ATQQQ has been the more volatile of the two, at 62% annualised against XAUT's 24%.
ATQQQXAUT
0.32over 31 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 | ATQQQ | XAUT |
|---|---|---|
| Max drawdown (400d) | -22.2% | -19.4% |
| Risk-adjusted return (90d) | -0.22 | -0.20 |
Relative strength over 90 days: XAUT outperformed ATQQQ by 9.4% — measured on the ATQQQ/XAUT ratio, so it holds regardless of market direction.