Tether Gold (XAUT) is 2952312.9× the size of VanEck Gold Miners ETF aStock (AGDX) by market capitalisation. Their daily returns move closely together (correlation 0.80 across 31 shared trading days). AGDX has been the more volatile of the two, at 40% annualised against XAUT's 24%.
AGDXXAUT
0.80over 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 | AGDX | XAUT |
|---|---|---|
| Max drawdown (400d) | -13.5% | -19.4% |
| Risk-adjusted return (90d) | -0.33 | -0.20 |
Relative strength over 90 days: XAUT outperformed AGDX by 8.8% — measured on the AGDX/XAUT ratio, so it holds regardless of market direction.