Tether Gold (XAUT) is 578.7× the size of VNX Gold (VNXAU) by market capitalisation. Their daily returns move closely together (correlation 0.70 across 40 shared trading days). Both have run at a similar volatility, around 23% annualised.
VNXAUXAUT
0.70over 40 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 | VNXAU | XAUT |
|---|---|---|
| Max drawdown (400d) | -11.7% | -19.4% |
| Risk-adjusted return (90d) | -0.51 | -0.36 |
Relative strength over 90 days: VNXAU outperformed XAUT by 0.3% — measured on the VNXAU/XAUT ratio, so it holds regardless of market direction.