SP500 xStock vs Tether Gold

Tether Gold (XAUT) is 45.3× the size of SP500 xStock (SPYX) by market capitalisation. Their daily returns move loosely together (correlation 0.41 across 55 shared trading days). XAUT has been the more volatile of the two, at 24% annualised against SPYX's 11%.

Correlation: 0.41
Size ratio: 1 : 45.3

SP500 xStockSPYX

$773.2300

24h: +1.78%
Market cap: $72.29M
Volume 24h: $9.69M
Volatility (ann.): 11%

Tether GoldXAUT

$4,049.45

24h: +3.14%
Market cap: $3.27B
Volume 24h: $265.94M
Volatility (ann.): 24%

SPYX 2.2%Share of the two combined market caps97.8% XAUT

Performance

SPYXXAUT

7 days-1.60%-3.11%SPYX
30 days-1.10%-5.07%SPYX
90 days—-7.64%—

Correlation

0.41over 55 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.3490d: insufficient data1y: insufficient data

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.

Risk & extremes

Metric	SPYX	XAUT
Max drawdown (400d)	-2.7%	-19.4%
Risk-adjusted return (90d)	-0.14	-0.36

Relative strength over 90 days: SPYX outperformed XAUT by 12.4% — measured on the SPYX/XAUT ratio, so it holds regardless of market direction.

SP500 xStock →Tether Gold →