Tether Gold (XAUT) is 13134489.5× the size of Token Teknoloji A.Ş. ONS Silver (ONSS) by market capitalisation. Their daily returns move very closely together (correlation 0.89 across 31 shared trading days). ONSS has been the more volatile of the two, at 38% annualised against XAUT's 24%.
$49.8100
ONSSXAUT
0.89over 31 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 | ONSS | XAUT |
|---|---|---|
| Max drawdown (400d) | -10.3% | -19.4% |
| Risk-adjusted return (90d) | -0.16 | -0.36 |
Relative strength over 90 days: XAUT outperformed ONSS by 2.8% — measured on the ONSS/XAUT ratio, so it holds regardless of market direction.