SWAP315 (S315) and Rain (RAIN) compared side by side. Over the past 30 days, S315 is ahead by 39.1 percentage points (S315 -19.1% against RAIN -58.2%). Their daily returns move barely in opposite directions (correlation -0.02 across 23 shared trading days). RAIN has been the more volatile of the two, at 134% annualised against S315's 20%.
S315RAIN
-0.02over 23 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 | S315 | RAIN |
|---|---|---|
| Max drawdown (400d) | -19.3% | -68.5% |
| Risk-adjusted return (90d) | -0.94 | -0.37 |
Relative strength over 90 days: S315 outperformed RAIN by 31.6% — measured on the S315/RAIN ratio, so it holds regardless of market direction.