RedStone (RED) is 8.7× the size of Heima (HEI) by market capitalisation. Over the past 1 year, RED is ahead by 9.1 percentage points (HEI -60.6% against RED -51.5%). Their daily returns move barely together (correlation 0.13 across 399 shared trading days). HEI has been the more volatile of the two, at 203% annualised against RED's 115%.
HEIRED
0.13over 399 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 | HEI | RED |
|---|---|---|
| Max drawdown (400d) | -84.3% | -83.4% |
| Risk-adjusted return (90d) | -0.47 | 0.68 |
| Best 30 days (past year) | +211.4% | +69.2% |
| Worst 30 days (past year) | -48.8% | -41.3% |
Relative strength over 90 days: RED outperformed HEI by 78.3% — measured on the HEI/RED ratio, so it holds regardless of market direction.