SOON (SOON) is 8.7× the size of Caldera (ERA) by market capitalisation. Their daily returns move barely together (correlation 0.26 across 56 shared trading days). SOON has been the more volatile of the two, at 144% annualised against ERA's 103%.
ERASOON
0.26over 56 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 | SOON |
|---|---|---|
| Max drawdown (400d) | -90.2% | -29.1% |
| Risk-adjusted return (90d) | 0.00 | 0.18 |
| Best 30 days (past year) | +40.6% | — |
| Worst 30 days (past year) | -44.0% | — |
Relative strength over 90 days: SOON outperformed ERA by 6.0% — measured on the ERA/SOON ratio, so it holds regardless of market direction.