Tether Gold (XAUT) is 686.9× the size of ProShares UltraPro QQQ Tokenized Stock (Reality) (RTQQQ) by market capitalisation. Their daily returns move barely together (correlation 0.35 across 25 shared trading days). RTQQQ has been the more volatile of the two, at 49% annualised against XAUT's 24%.
$60.8100
RTQQQXAUT
0.35over 25 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 | RTQQQ | XAUT |
|---|---|---|
| Max drawdown (400d) | -5.0% | -19.4% |
| Risk-adjusted return (90d) | 0.37 | -0.20 |
Relative strength over 90 days: RTQQQ outperformed XAUT by 21.0% — measured on the RTQQQ/XAUT ratio, so it holds regardless of market direction.