OriginTrail (TRAC) is 6018.9× the size of Herald Agent (HERALD) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.02 across 29 shared trading days). HERALD has been the more volatile of the two, at 1504% annualised against TRAC's 104%.
HERALDTRAC
-0.02over 29 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 | TRAC |
|---|---|---|
| Max drawdown (400d) | -94.1% | -25.0% |
| Risk-adjusted return (90d) | -0.04 | 0.24 |
Relative strength over 90 days: TRAC outperformed HERALD by 41.2% — measured on the HERALD/TRAC ratio, so it holds regardless of market direction.