Tether Gold (XAUT) is 1.8× the size of PAX Gold (PAXG) by market capitalisation. Their daily returns move very closely together (correlation 1.00 across 227 shared trading days). PAXG has been the more volatile of the two, at 29% annualised against XAUT's 24%.
XAUTPAXG
1.00over 227 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 | PAXG |
|---|---|---|
| Max drawdown (400d) | -19.4% | -29.6% |
| Risk-adjusted return (90d) | -0.27 | -0.29 |
| Best 30 days (past year) | — | +27.0% |
| Worst 30 days (past year) | — | -16.0% |
Relative strength over 90 days: XAUT outperformed PAXG by 0.3% — measured on the XAUT/PAXG ratio, so it holds regardless of market direction.