VanEck Semiconductor ETF • Robinhood Token vs Tether Gold

Tether Gold (XAUT) is 29292.3× the size of VanEck Semiconductor ETF • Robinhood Token (SMH) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.21 across 21 shared trading days). SMH has been the more volatile of the two, at 49% annualised against XAUT's 24%.

Correlation: -0.21
Size ratio: 1 : 29292.3

VanEck Semiconductor ETF • Robinhood TokenSMH

$503.3700

24h: —
Market cap: $113,203
Volume 24h: $989
Volatility (ann.): 49%

Tether GoldXAUT

$4,093.49

24h: +1.88%
Market cap: $3.32B
Volume 24h: $349.65M
Volatility (ann.): 24%

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

Performance

SMHXAUT

7 days-4.18%+0.05%XAUT
30 days—-2.08%—
90 days—-4.40%—

Correlation

-0.21over 21 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: insufficient data90d: insufficient data1y: 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	SMH	XAUT
Max drawdown (400d)	-14.3%	-19.4%
Risk-adjusted return (90d)	-0.21	-0.20

Relative strength over 90 days: XAUT outperformed SMH by 8.3% — measured on the SMH/XAUT ratio, so it holds regardless of market direction.

VanEck Semiconductor ETF • Robinhood Token →Tether Gold →