Tether Gold (XAUT) is 56071.3× the size of Rivian Automotive (Backpack Securities) (RIVN) by market capitalisation. Their daily returns move loosely together (correlation 0.56 across 31 shared trading days). RIVN has been the more volatile of the two, at 81% annualised against XAUT's 24%.
$13.8700
RIVNXAUT
0.56over 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 | RIVN | XAUT |
|---|---|---|
| Max drawdown (400d) | -27.2% | -19.4% |
| Risk-adjusted return (90d) | -0.16 | -0.20 |
Relative strength over 90 days: XAUT outperformed RIVN by 5.8% — measured on the RIVN/XAUT ratio, so it holds regardless of market direction.