DoubleZero (2Z) is 31.2× the size of Rainbow (RNBW) by market capitalisation. Their daily returns move barely together (correlation 0.22 across 247 shared trading days). RNBW has been the more volatile of the two, at 187% annualised against 2Z's 100%.
RNBW2Z
0.22over 247 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 | RNBW | 2Z |
|---|---|---|
| Max drawdown (400d) | -66.0% | -96.1% |
| Risk-adjusted return (90d) | 0.24 | -0.58 |
| Best 30 days (past year) | — | +35.8% |
| Worst 30 days (past year) | — | -61.3% |
Relative strength over 90 days: RNBW outperformed 2Z by 322.2% — measured on the RNBW/2Z ratio, so it holds regardless of market direction.