USDS vs Tether Gold

USDS (USDS) is 2.6× the size of Tether Gold (XAUT) by market capitalisation. Over the past 90 days, USDS is ahead by 5.4 percentage points (USDS +0.0% against XAUT -5.4%). Their daily returns move barely in opposite directions (correlation -0.13 across 215 shared trading days). XAUT has been the more volatile of the two, at 24% annualised against USDS's 1%.

Correlation: -0.13
Size ratio: 2.6×
Ahead over 90 days: USDS

USDSUSDS

$1.0011

24h: +0.01%
Market cap: $8.63B
Volume 24h: $241.91M
Volatility (ann.): 1%

Tether GoldXAUT

$4,098.08

24h: -0.45%
Market cap: $3.31B
Volume 24h: $173.64M
Volatility (ann.): 24%

USDS 72.3%Share of the two combined market caps27.7% XAUT

Performance

USDSXAUT

7 days-0.04%+4.61%XAUT
30 days+0.03%-1.49%USDS
90 days+0.03%-5.36%USDS

Correlation

-0.13over 215 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.3190d: -0.161y: insufficient data

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.

Risk & extremes

Metric	USDS	XAUT
Max drawdown (400d)	-0.4%	-19.4%
Risk-adjusted return (90d)	0.02	-0.25

Relative strength over 90 days: USDS outperformed XAUT by 5.7% — measured on the USDS/XAUT ratio, so it holds regardless of market direction.

USDS →Tether Gold →