Kite (KITE) is 10753.4× the size of Herald Agent (HERALD) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.26 across 101 shared trading days). HERALD has been the more volatile of the two, at 1504% annualised against KITE's 121%.
HERALDKITE
-0.26over 101 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 | HERALD | KITE |
|---|---|---|
| Max drawdown (400d) | -94.1% | -69.5% |
| Risk-adjusted return (90d) | -0.04 | 0.10 |
| Best 30 days (past year) | — | +151.2% |
| Worst 30 days (past year) | — | -55.6% |
Relative strength over 90 days: KITE outperformed HERALD by 22.1% — measured on the HERALD/KITE ratio, so it holds regardless of market direction.