Tether Gold (XAUT) is 9.2× the size of Kinesis Gold (KAU) by market capitalisation. Their daily returns move closely together (correlation 0.74 across 61 shared trading days). KAU has been the more volatile of the two, at 34% annualised against XAUT's 24%.
XAUTKAU
0.74over 61 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 | KAU |
|---|---|---|
| Max drawdown (400d) | -19.4% | -18.0% |
| Risk-adjusted return (90d) | -0.27 | -0.22 |
Relative strength over 90 days: XAUT outperformed KAU by 0.8% — measured on the XAUT/KAU ratio, so it holds regardless of market direction.