Genius (GENIUS) is 9.8× the size of Caldera (ERA) by market capitalisation. Their daily returns move barely together (correlation 0.13 across 167 shared trading days). Both have run at a similar volatility, around 99% annualised.
ERAGENIUS
0.13over 167 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 | ERA | GENIUS |
|---|---|---|
| Max drawdown (400d) | -90.2% | -61.7% |
| Risk-adjusted return (90d) | 0.00 | -0.15 |
| Best 30 days (past year) | +40.6% | — |
| Worst 30 days (past year) | -44.0% | — |
Relative strength over 90 days: ERA outperformed GENIUS by 12.8% — measured on the ERA/GENIUS ratio, so it holds regardless of market direction.