Tether Gold (XAUT) is 2470.5× the size of rocket strategy (RKST) by market capitalisation. Their daily returns move barely together (correlation 0.26 across 33 shared trading days). RKST has been the more volatile of the two, at 745% annualised against XAUT's 24%.
RKSTXAUT
0.26over 33 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 | RKST | XAUT |
|---|---|---|
| Max drawdown (400d) | -85.8% | -19.4% |
| Risk-adjusted return (90d) | -0.09 | -0.36 |
Relative strength over 90 days: XAUT outperformed RKST by 66.5% — measured on the RKST/XAUT ratio, so it holds regardless of market direction.