Canton (CC) is 1.0× the size of Tether Gold (XAUT) by market capitalisation. Their daily returns move barely together (correlation 0.29 across 67 shared trading days). CC has been the more volatile of the two, at 125% annualised against XAUT's 24%.
XAUTCC
0.29over 67 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 | XAUT | CC |
|---|---|---|
| Max drawdown (400d) | -21.0% | -43.8% |
| Risk-adjusted return (90d) | -0.55 | -0.16 |
Relative strength over 90 days: XAUT outperformed CC by 9.0% — measured on the XAUT/CC ratio, so it holds regardless of market direction.