State Street SPDR Portfolio S&P 500 ETF ST0x vs Tether Gold

Tether Gold (XAUT) is 12476.4× the size of State Street SPDR Portfolio S&P 500 ETF ST0x (WTSPYM) by market capitalisation. Their daily returns move barely together (correlation 0.03 across 40 shared trading days). WTSPYM has been the more volatile of the two, at 1511% annualised against XAUT's 24%.

Correlation: 0.03
Size ratio: 1 : 12476.4

State Street SPDR Portfolio S&P 500 ETF ST0xWTSPYM

$90.2800

24h: +1.54%
Market cap: $266,498
Volume 24h: $28,216
Volatility (ann.): 1511%

Tether GoldXAUT

$4,111.75

24h: +4.44%
Market cap: $3.32B
Volume 24h: $295.08M
Volatility (ann.): 24%

WTSPYM 0.0%Share of the two combined market caps100.0% XAUT

Performance

WTSPYMXAUT

7 days-0.79%+0.05%XAUT
30 days+0.52%-2.08%WTSPYM
90 days—-4.40%—

Correlation

0.03over 40 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.0390d: 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	WTSPYM	XAUT
Max drawdown (400d)	-85.5%	-19.4%
Risk-adjusted return (90d)	0.00	-0.20

Relative strength over 90 days: WTSPYM outperformed XAUT by 10.0% — measured on the WTSPYM/XAUT ratio, so it holds regardless of market direction.

State Street SPDR Portfolio S&P 500 ETF ST0x →Tether Gold →