Tether Gold (XAUT) is 779.5× the size of TQQQ xStock (TQQQX) by market capitalisation. Their daily returns move loosely together (correlation 0.45 across 194 shared trading days). TQQQX has been the more volatile of the two, at 61% annualised against XAUT's 24%.
TQQQXXAUT
0.45over 194 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 | TQQQX | XAUT |
|---|---|---|
| Max drawdown (400d) | -38.2% | -19.4% |
| Risk-adjusted return (90d) | -0.22 | -0.36 |
| Best 30 days (past year) | +62.1% | — |
| Worst 30 days (past year) | -24.2% | — |
Relative strength over 90 days: XAUT outperformed TQQQX by 9.1% — measured on the TQQQX/XAUT ratio, so it holds regardless of market direction.