Tether Gold (XAUT) is 253.2× the size of SpaceX (Republic Pre-IPO) (PRESPCX) by market capitalisation. Their daily returns move barely together (correlation 0.26 across 31 shared trading days). PRESPCX has been the more volatile of the two, at 45% annualised against XAUT's 24%.
$135.2800
PRESPCXXAUT
0.26over 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 | PRESPCX | XAUT |
|---|---|---|
| Max drawdown (400d) | -6.6% | -19.4% |
| Risk-adjusted return (90d) | 0.12 | -0.36 |
Relative strength over 90 days: PRESPCX outperformed XAUT by 13.9% — measured on the PRESPCX/XAUT ratio, so it holds regardless of market direction.