United Parcel Service (Backpack Securities) (UPS) and Tether Gold (XAUT) compared side by side. Their daily returns move barely together (correlation 0.09 across 22 shared trading days). UPS has been the more volatile of the two, at 37% annualised against XAUT's 24%.
$114.0000
UPSXAUT
0.09over 22 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 | UPS | XAUT |
|---|---|---|
| Max drawdown (400d) | -1.2% | -19.4% |
| Risk-adjusted return (90d) | 0.62 | -0.20 |
Relative strength over 90 days: UPS outperformed XAUT by 25.3% — measured on the UPS/XAUT ratio, so it holds regardless of market direction.