Spiko Digital Assets Cash & Carry Fund - Euro Share Class vs Tether Gold

Tether Gold (XAUT) is 104.4× the size of Spiko Digital Assets Cash & Carry Fund - Euro Share Class (EURSPKCC) by market capitalisation. Their daily returns move barely together (correlation 0.07 across 51 shared trading days). XAUT has been the more volatile of the two, at 24% annualised against EURSPKCC's 7%.

Correlation: 0.07
Size ratio: 1 : 104.4

Spiko Digital Assets Cash & Carry Fund - Euro Share ClassEURSPKCC

$1.1300

24h: +0.77%
Market cap: $31.16M
Volume 24h: —
Volatility (ann.): 7%

Tether GoldXAUT

$4,033

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

EURSPKCC 0.9%Share of the two combined market caps99.1% XAUT

Performance

EURSPKCCXAUT

7 days+0.00%-3.11%EURSPKCC
30 days-3.45%-5.07%EURSPKCC
90 days—-7.64%—

Correlation

0.07over 51 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.1090d: 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	EURSPKCC	XAUT
Max drawdown (400d)	-4.3%	-19.4%
Risk-adjusted return (90d)	-0.46	-0.36

Relative strength over 90 days: EURSPKCC outperformed XAUT by 13.0% — measured on the EURSPKCC/XAUT ratio, so it holds regardless of market direction.

Spiko Digital Assets Cash & Carry Fund - Euro Share Class →Tether Gold →