Tether Gold (XAUT) is 7059.2× the size of VaporFund (VPR) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.04 across 198 shared trading days). VPR has been the more volatile of the two, at 97% annualised against XAUT's 24%.
VPRXAUT
-0.04over 198 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 | VPR | XAUT |
|---|---|---|
| Max drawdown (400d) | -59.4% | -19.4% |
| Risk-adjusted return (90d) | 1.16 | -0.20 |
| Best 30 days (past year) | +116.4% | — |
| Worst 30 days (past year) | -47.4% | — |
Relative strength over 90 days: VPR outperformed XAUT by 90.3% — measured on the VPR/XAUT ratio, so it holds regardless of market direction.