Heroes TD (HTD) and Fusionist (ACE) compared side by side. Their daily returns move loosely together (correlation 0.45 across 34 shared trading days). ACE has been the more volatile of the two, at 187% annualised against HTD's 17%.
HTDACE
0.45over 34 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 | HTD | ACE |
|---|---|---|
| Max drawdown (400d) | -5.7% | -87.1% |
| Risk-adjusted return (90d) | -0.27 | 0.28 |
| Best 30 days (past year) | — | +260.6% |
| Worst 30 days (past year) | — | -43.3% |
Relative strength over 90 days: HTD outperformed ACE by 32.6% — measured on the HTD/ACE ratio, so it holds regardless of market direction.