VanEck Semiconductor ETF (bStocks Tokenized Stock) vs Tether Gold

Tether Gold (XAUT) is 2369.4× the size of VanEck Semiconductor ETF (bStocks Tokenized Stock) (SMHB) by market capitalisation. Over the past 90 days, XAUT is ahead by 1.1 percentage points (SMHB -8.7% against XAUT -7.6%). Their daily returns move barely together (correlation 0.29 across 98 shared trading days). SMHB has been the more volatile of the two, at 38% annualised against XAUT's 24%.

Correlation: 0.29
Size ratio: 1 : 2369.4
Ahead over 90 days: XAUT

VanEck Semiconductor ETF (bStocks Tokenized Stock)SMHB

$508.2000

24h: +0.07%
Market cap: $1.38M
Volume 24h: $716,601
Volatility (ann.): 38%

Tether GoldXAUT

$4,051.46

24h: +3.26%
Market cap: $3.28B
Volume 24h: $259.69M
Volatility (ann.): 24%

SMHB 0.0%Share of the two combined market caps100.0% XAUT

Performance

SMHBXAUT

7 days-6.56%-3.11%XAUT
30 days-17.63%-5.07%XAUT
90 days-8.73%-7.64%XAUT

Correlation

0.29over 98 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.4290d: 0.331y: 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	SMHB	XAUT
Max drawdown (400d)	-19.1%	-19.4%
Risk-adjusted return (90d)	-0.26	-0.36

Relative strength over 90 days: XAUT outperformed SMHB by 1.2% — measured on the SMHB/XAUT ratio, so it holds regardless of market direction.

VanEck Semiconductor ETF (bStocks Tokenized Stock) →Tether Gold →