Tether Gold (XAUT) is 13.5× the size of Spiko Amundi Overnight Swap Fund (SAFO) by market capitalisation. Their daily returns move barely together (correlation 0.10 across 57 shared trading days). XAUT has been the more volatile of the two, at 24% annualised against SAFO's 1%.
$1.0270
SAFOXAUT
0.10over 57 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 | SAFO | XAUT |
|---|---|---|
| Max drawdown (400d) | 0.0% | -19.4% |
| Risk-adjusted return (90d) | 1.13 | -0.36 |
Relative strength over 90 days: SAFO outperformed XAUT by 12.9% — measured on the SAFO/XAUT ratio, so it holds regardless of market direction.