SPDR S&P 500 ETF Trust • Robinhood Token vs Tether Gold

Tether Gold (XAUT) is 157.8× the size of SPDR S&P 500 ETF Trust • Robinhood Token (SPY) by market capitalisation. Their daily returns move closely together (correlation 0.65 across 40 shared trading days). XAUT has been the more volatile of the two, at 24% annualised against SPY's 13%.

Correlation: 0.65
Size ratio: 1 : 157.8

SPDR S&P 500 ETF Trust • Robinhood TokenSPY

$750.6200

24h: -0.39%
Market cap: $20.63M
Volume 24h: $36.42M
Volatility (ann.): 13%

Tether GoldXAUT

$4,030.36

24h: +1.85%
Market cap: $3.25B
Volume 24h: $260.40M
Volatility (ann.): 24%

SPY 0.6%Share of the two combined market caps99.4% XAUT

Performance

SPYXAUT

7 days-2.21%-3.11%SPY
30 days-2.81%-5.07%SPY
90 days—-7.64%—

Correlation

0.65over 40 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.6690d: 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	SPY	XAUT
Max drawdown (400d)	-3.5%	-19.4%
Risk-adjusted return (90d)	-0.17	-0.36

Relative strength over 90 days: SPY outperformed XAUT by 10.7% — measured on the SPY/XAUT ratio, so it holds regardless of market direction.

SPDR S&P 500 ETF Trust • Robinhood Token →Tether Gold →