Hegic (HEGIC) is 6.9× the size of Stryke (SYK) by market capitalisation. Over the past 30 days, SYK is ahead by 185.6 percentage points (SYK +179.9% against HEGIC -5.7%). Their daily returns move loosely together (correlation 0.37 across 28 shared trading days). SYK has been the more volatile of the two, at 273% annualised against HEGIC's 60%.
SYKHEGIC
0.37over 28 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 | SYK | HEGIC |
|---|---|---|
| Max drawdown (400d) | -49.6% | -15.0% |
| Risk-adjusted return (90d) | 0.72 | -0.09 |
Relative strength over 90 days: SYK outperformed HEGIC by 381.3% — measured on the SYK/HEGIC ratio, so it holds regardless of market direction.