Tether Gold (XAUT) is 46.5× the size of Matrixdock Gold (XAUM) by market capitalisation. Their daily returns move very closely together (correlation 0.95 across 59 shared trading days). Both have run at a similar volatility, around 23% annualised.
XAUTXAUM
0.95over 59 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 | XAUM |
|---|---|---|
| Max drawdown (400d) | -19.4% | -16.5% |
| Risk-adjusted return (90d) | -0.27 | -0.40 |
Relative strength over 90 days: XAUM outperformed XAUT by 0.2% — measured on the XAUT/XAUM ratio, so it holds regardless of market direction.