Tether Gold (XAUT) is 8794.8× the size of Punkvism (PVT) by market capitalisation. Their daily returns move barely together (correlation 0.05 across 187 shared trading days). PVT has been the more volatile of the two, at 301% annualised against XAUT's 24%.
PVTXAUT
0.05over 187 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 | PVT | XAUT |
|---|---|---|
| Max drawdown (400d) | -97.7% | -19.4% |
| Risk-adjusted return (90d) | -0.45 | -0.36 |
Relative strength over 90 days: XAUT outperformed PVT by 60.0% — measured on the PVT/XAUT ratio, so it holds regardless of market direction.