Tether Gold (XAUT) is 1.0× the size of Uniswap (UNI) by market capitalisation. Their daily returns move barely together (correlation 0.35 across 234 shared trading days). UNI has been the more volatile of the two, at 99% annualised against XAUT's 24%.
XAUTUNI
0.35over 234 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 | UNI |
|---|---|---|
| Max drawdown (400d) | -21.0% | -74.4% |
| Risk-adjusted return (90d) | -0.55 | 0.43 |
| Best 30 days (past year) | — | +143.9% |
| Worst 30 days (past year) | — | -47.8% |
Relative strength over 90 days: UNI outperformed XAUT by 41.5% — measured on the XAUT/UNI ratio, so it holds regardless of market direction.