Tether Gold (XAUT) is 100.9× the size of USTBL (USTBL) by market capitalisation. Their daily returns move barely together (correlation 0.07 across 51 shared trading days). XAUT has been the more volatile of the two, at 24% annualised against USTBL's 4%.
USTBLXAUT
0.07over 51 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 | USTBL | XAUT |
|---|---|---|
| Max drawdown (400d) | -0.6% | -19.4% |
| Risk-adjusted return (90d) | 0.19 | -0.36 |
Relative strength over 90 days: USTBL outperformed XAUT by 18.0% — measured on the USTBL/XAUT ratio, so it holds regardless of market direction.