SPY (bStocks Tokenized Stock) vs Tether Gold

Tether Gold (XAUT) is 136.0× the size of SPY (bStocks Tokenized Stock) (SPYB) by market capitalisation. Over the past 90 days, SPYB is ahead by 5.6 percentage points (SPYB -2.1% against XAUT -7.6%). Their daily returns move loosely together (correlation 0.35 across 120 shared trading days). XAUT has been the more volatile of the two, at 24% annualised against SPYB's 11%.

Correlation: 0.35
Size ratio: 1 : 136.0
Ahead over 90 days: SPYB

SPY (bStocks Tokenized Stock)SPYB

$768.9300

24h: +1.70%
Market cap: $24.09M
Volume 24h: $7.08M
Volatility (ann.): 11%

Tether GoldXAUT

$4,053.11

24h: +3.32%
Market cap: $3.28B
Volume 24h: $262.01M
Volatility (ann.): 24%

SPYB 0.7%Share of the two combined market caps99.3% XAUT

Performance

SPYBXAUT

7 days-1.96%-3.11%SPYB
30 days-1.94%-5.07%SPYB
90 days-2.07%-7.64%SPYB

Correlation

0.35over 120 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.5390d: 0.461y: 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	SPYB	XAUT
Max drawdown (400d)	-3.4%	-19.4%
Risk-adjusted return (90d)	-0.22	-0.36

Relative strength over 90 days: SPYB outperformed XAUT by 6.0% — measured on the SPYB/XAUT ratio, so it holds regardless of market direction.

SPY (bStocks Tokenized Stock) →Tether Gold →