Tether Gold (XAUT) is 55.4× the size of Spiko Amundi Overnight Swap Fund (GBP) (GBPSAFO) by market capitalisation. Their daily returns move barely together (correlation 0.00 across 53 shared trading days). XAUT has been the more volatile of the two, at 24% annualised against GBPSAFO's 8%.
$1.3800
GBPSAFOXAUT
0.00over 53 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 | GBPSAFO | XAUT |
|---|---|---|
| Max drawdown (400d) | -2.9% | -19.4% |
| Risk-adjusted return (90d) | -0.09 | -0.36 |
Relative strength over 90 days: GBPSAFO outperformed XAUT by 15.7% — measured on the GBPSAFO/XAUT ratio, so it holds regardless of market direction.