Stargate Bridged Shell (Avalanche) (SHELL) and rsFIRO (RSFIRO) compared side by side. Their daily returns move barely together (correlation 0.35 across 21 shared trading days). RSFIRO has been the more volatile of the two, at 89% annualised against SHELL's 59%.
$0.000287
SHELLRSFIRO
0.35over 21 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 | SHELL | RSFIRO |
|---|---|---|
| Max drawdown (400d) | -39.9% | -26.1% |
| Risk-adjusted return (90d) | -0.66 | -0.29 |
Relative strength over 90 days: RSFIRO outperformed SHELL by 18.3% — measured on the SHELL/RSFIRO ratio, so it holds regardless of market direction.