Tether Gold (XAUT) is 42910.3× the size of UREEQA (URQA) by market capitalisation. Their daily returns move barely together (correlation 0.31 across 24 shared trading days). URQA has been the more volatile of the two, at 50% annualised against XAUT's 24%.
URQAXAUT
0.31over 24 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 | URQA | XAUT |
|---|---|---|
| Max drawdown (400d) | -16.3% | -19.4% |
| Risk-adjusted return (90d) | -0.23 | -0.20 |
Relative strength over 90 days: XAUT outperformed URQA by 8.5% — measured on the URQA/XAUT ratio, so it holds regardless of market direction.