Tether Gold (XAUT) is 1.0× the size of USD1 (USD1) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.15 across 230 shared trading days). XAUT has been the more volatile of the two, at 24% annualised against USD1's 1%.
XAUTUSD1
-0.15over 230 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 | USD1 |
|---|---|---|
| Max drawdown (400d) | -19.4% | -0.4% |
| Risk-adjusted return (90d) | -0.37 | -0.12 |
| Best 30 days (past year) | — | +0.3% |
| Worst 30 days (past year) | — | -0.2% |
Relative strength over 90 days: USD1 outperformed XAUT by 8.2% — measured on the XAUT/USD1 ratio, so it holds regardless of market direction.