Tether Gold (XAUT) is 2689407.8× the size of US Brent Oil Fund aStock (ABNO) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.19 across 31 shared trading days). ABNO has been the more volatile of the two, at 31% annualised against XAUT's 24%.
ABNOXAUT
-0.19over 31 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 | ABNO | XAUT |
|---|---|---|
| Max drawdown (400d) | -2.5% | -19.4% |
| Risk-adjusted return (90d) | 0.57 | -0.20 |
Relative strength over 90 days: ABNO outperformed XAUT by 23.1% — measured on the ABNO/XAUT ratio, so it holds regardless of market direction.