Tether Gold (XAUT) is 182.8× the size of Public Masterpiece Technology (PMT) by market capitalisation. Their daily returns move barely together (correlation 0.08 across 196 shared trading days). XAUT has been the more volatile of the two, at 24% annualised against PMT's 7%.
$0.097069
PMTXAUT
0.08over 196 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 | PMT | XAUT |
|---|---|---|
| Max drawdown (400d) | -14.5% | -19.4% |
| Risk-adjusted return (90d) | -0.87 | -0.36 |
| Best 30 days (past year) | +3.2% | — |
| Worst 30 days (past year) | -3.9% | — |
Relative strength over 90 days: XAUT outperformed PMT by 1.8% — measured on the PMT/XAUT ratio, so it holds regardless of market direction.