Tether Gold (XAUT) is 3588.8× the size of TBLL xStock (TBLLX) by market capitalisation. Their daily returns move loosely together (correlation 0.35 across 25 shared trading days). XAUT has been the more volatile of the two, at 24% annualised against TBLLX's 10%.
TBLLXXAUT
0.35over 25 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 | TBLLX | XAUT |
|---|---|---|
| Max drawdown (400d) | -1.7% | -19.4% |
| Risk-adjusted return (90d) | 0.05 | -0.20 |
Relative strength over 90 days: TBLLX outperformed XAUT by 5.5% — measured on the TBLLX/XAUT ratio, so it holds regardless of market direction.