Rain (RAIN) is 40109.8× the size of Colend (CLND) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.24 across 35 shared trading days). CLND has been the more volatile of the two, at 267% annualised against RAIN's 135%.
CLNDRAIN
-0.24over 35 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 | CLND | RAIN |
|---|---|---|
| Max drawdown (400d) | -96.3% | -69.3% |
| Risk-adjusted return (90d) | -0.42 | -0.40 |
Relative strength over 90 days: CLND outperformed RAIN by 32.8% — measured on the CLND/RAIN ratio, so it holds regardless of market direction.