Tether Gold (XAUT) is 13679.2× the size of SPDR Gold Shares Tokenized Stock (Reality) (RGLD) by market capitalisation. Their daily returns move very closely together (correlation 0.97 across 26 shared trading days). Both have run at a similar volatility, around 23% annualised.
$377.5600
RGLDXAUT
0.97over 26 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 | RGLD | XAUT |
|---|---|---|
| Max drawdown (400d) | -6.4% | -19.4% |
| Risk-adjusted return (90d) | -0.14 | -0.20 |
Relative strength over 90 days: XAUT outperformed RGLD by 0.1% — measured on the RGLD/XAUT ratio, so it holds regardless of market direction.