Tokenized BNY Mellon Global Short-Dated High Yield Bond Fund vs Tether Gold

Tether Gold (XAUT) is 648.2× the size of Tokenized BNY Mellon Global Short-Dated High Yield Bond Fund (HYBOND) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.20 across 31 shared trading days). XAUT has been the more volatile of the two, at 24% annualised against HYBOND's 3%.

Correlation: -0.20
Size ratio: 1 : 648.2

Tokenized BNY Mellon Global Short-Dated High Yield Bond FundHYBOND

$1.7300

24h: +0.15%
Market cap: $5.01M
Volume 24h: —
Volatility (ann.): 3%

Tether GoldXAUT

$4,026.48

24h: +2.59%
Market cap: $3.25B
Volume 24h: $256.78M
Volatility (ann.): 24%

HYBOND 0.2%Share of the two combined market caps99.8% XAUT

Performance

HYBONDXAUT

7 days-0.57%-3.11%HYBOND
30 days-1.14%-5.07%HYBOND
90 days—-7.64%—

Correlation

-0.20over 31 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.2090d: 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	HYBOND	XAUT
Max drawdown (400d)	-1.1%	-19.4%
Risk-adjusted return (90d)	-0.41	-0.36

Relative strength over 90 days: HYBOND outperformed XAUT by 5.0% — measured on the HYBOND/XAUT ratio, so it holds regardless of market direction.

Tokenized BNY Mellon Global Short-Dated High Yield Bond Fund →Tether Gold →