Tether Gold (XAUT) is 21849.9× the size of Roblox (Backpack Securities) (RBLX) by market capitalisation. Their daily returns move barely together (correlation 0.28 across 31 shared trading days). RBLX has been the more volatile of the two, at 89% annualised against XAUT's 24%.
$49.2400
RBLXXAUT
0.28over 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 | RBLX | XAUT |
|---|---|---|
| Max drawdown (400d) | -24.6% | -19.4% |
| Risk-adjusted return (90d) | 0.12 | -0.20 |
Relative strength over 90 days: RBLX outperformed XAUT by 20.1% — measured on the RBLX/XAUT ratio, so it holds regardless of market direction.