Tether Gold (XAUT) is 456.1× the size of SPDR Gold Shares • Robinhood Token (GLD) by market capitalisation. Their daily returns move barely together (correlation 0.04 across 39 shared trading days). GLD has been the more volatile of the two, at 230% annualised against XAUT's 24%.
$361.7600
GLDXAUT
0.04over 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 | GLD | XAUT |
|---|---|---|
| Max drawdown (400d) | -79.2% | -19.4% |
| Risk-adjusted return (90d) | -0.34 | -0.36 |
Relative strength over 90 days: XAUT outperformed GLD by 76.1% — measured on the GLD/XAUT ratio, so it holds regardless of market direction.