Kalshi (Tessera Pre-IPO) vs Figure Heloc

Figure Heloc (FIGR_HELOC) is 38264.3× the size of Kalshi (Tessera Pre-IPO) (TKALSHI) by market capitalisation. Over the past 30 days, FIGR_HELOC is ahead by 0.0 percentage points (TKALSHI +2.7% against FIGR_HELOC +2.7%). Their daily returns move barely together (correlation 0.32 across 27 shared trading days). FIGR_HELOC has been the more volatile of the two, at 52% annualised against TKALSHI's 25%.

Correlation: 0.32
Size ratio: 1 : 38264.3
Ahead over 30 days: FIGR_HELOC

Kalshi (Tessera Pre-IPO)TKALSHI

$450.3000

24h: +0.02%
Market cap: $701,500
Volume 24h: $204,630
Volatility (ann.): 25%

Figure HelocFIGR_HELOC

$1.0300

24h: -0.24%
Market cap: $26.84B
Volume 24h: $481.07M
Volatility (ann.): 52%

TKALSHI 0.0%Share of the two combined market caps100.0% FIGR_HELOC

Performance

TKALSHIFIGR_HELOC

7 days+0.80%+0.19%TKALSHI
30 days+2.66%+2.69%FIGR_HELOC

Correlation

0.32over 27 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.3290d: insufficient data1y: insufficient data

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.

Risk & extremes

Metric	TKALSHI	FIGR_HELOC
Max drawdown (400d)	-2.5%	-5.5%
Risk-adjusted return (90d)	0.27	0.05

Relative strength over 90 days: TKALSHI outperformed FIGR_HELOC by 9.1% — measured on the TKALSHI/FIGR_HELOC ratio, so it holds regardless of market direction.

Kalshi (Tessera Pre-IPO) →Figure Heloc →