Tether Gold (XAUT) is 20896.5× the size of Quantum Computing (Backpack Securities) (QUBT) by market capitalisation. Their daily returns move barely together (correlation 0.17 across 28 shared trading days). QUBT has been the more volatile of the two, at 84% annualised against XAUT's 24%.
$6.4500
QUBTXAUT
0.17over 28 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 | QUBT | XAUT |
|---|---|---|
| Max drawdown (400d) | -26.8% | -19.4% |
| Risk-adjusted return (90d) | -0.30 | -0.20 |
Relative strength over 90 days: XAUT outperformed QUBT by 23.8% — measured on the QUBT/XAUT ratio, so it holds regardless of market direction.