Tether Gold (XAUT) is 154.8× the size of StrikeX (STRX) by market capitalisation. Their daily returns move barely together (correlation 0.16 across 42 shared trading days). STRX has been the more volatile of the two, at 97% annualised against XAUT's 24%.
STRXXAUT
0.16over 42 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 | STRX | XAUT |
|---|---|---|
| Max drawdown (400d) | -22.2% | -19.4% |
| Risk-adjusted return (90d) | 0.22 | -0.36 |
Relative strength over 90 days: STRX outperformed XAUT by 37.6% — measured on the STRX/XAUT ratio, so it holds regardless of market direction.