Tether Gold (XAUT) is 4365.3× the size of Roundhill Memory ETF (Backpack Securities) (DRAM) by market capitalisation. Their daily returns move loosely together (correlation 0.58 across 39 shared trading days). DRAM has been the more volatile of the two, at 80% annualised against XAUT's 24%.
$46.3400
DRAMXAUT
0.58over 39 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 | DRAM | XAUT |
|---|---|---|
| Max drawdown (400d) | -26.8% | -19.4% |
| Risk-adjusted return (90d) | -0.20 | -0.36 |
Relative strength over 90 days: XAUT outperformed DRAM by 5.5% — measured on the DRAM/XAUT ratio, so it holds regardless of market direction.