Tharwa USD vs Tether Gold

Tether Gold (XAUT) is 2570.5× the size of Tharwa USD (THUSD) by market capitalisation. Over the past 90 days, THUSD is ahead by 7.7 percentage points (THUSD +0.1% against XAUT -7.6%). Their daily returns move barely together (correlation 0.20 across 43 shared trading days). XAUT has been the more volatile of the two, at 24% annualised against THUSD's 13%.

Correlation: 0.20
Size ratio: 1 : 2570.5
Ahead over 90 days: THUSD

Tharwa USDTHUSD

$0.995991

24h: —
Market cap: $1.27M
Volume 24h: —
Volatility (ann.): 13%

Tether GoldXAUT

$4,032.35

24h: +1.85%
Market cap: $3.25B
Volume 24h: $260.40M
Volatility (ann.): 24%

THUSD 0.0%Share of the two combined market caps100.0% XAUT

Performance

THUSDXAUT

7 days-0.16%-3.11%THUSD
30 days+0.31%-5.07%THUSD
90 days+0.05%-7.64%THUSD

Correlation

0.20over 43 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.1090d: insufficient data1y: insufficient data

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.

Risk & extremes

Metric	THUSD	XAUT
Max drawdown (400d)	-5.1%	-19.4%
Risk-adjusted return (90d)	0.00	-0.36

Relative strength over 90 days: THUSD outperformed XAUT by 16.5% — measured on the THUSD/XAUT ratio, so it holds regardless of market direction.

Tharwa USD →Tether Gold →