Tether Gold (XAUT) is 354.5× the size of Uranium (XU3O8) by market capitalisation. Their daily returns move barely together (correlation 0.04 across 188 shared trading days). Both have run at a similar volatility, around 22% annualised.
XU3O8XAUT
0.04over 188 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 | XU3O8 | XAUT |
|---|---|---|
| Max drawdown (400d) | -19.3% | -19.4% |
| Risk-adjusted return (90d) | 0.26 | -0.36 |
Relative strength over 90 days: XAUT outperformed XU3O8 by 0.6% — measured on the XU3O8/XAUT ratio, so it holds regardless of market direction.