I think this whole idea of deciding position sizing by 1% risk is not sound. There is an excellent discussion of this issue in Gallacher's book, Winner Take all. His view is you need a certain amount of capital for each contract traded, period. It depends on the size and volatility of the contract, not by where you set your stops.
The 1% issue comes into play in deciding if your stops are too big for your account. Actually, I think 1% is too small. It is a figure that large CTA's trading trend following systems use to minimize drawdowns. A decent daytrader can "risk" much more and be fairly safe.
There is a misconception as well that you control your risk with stops or exit points. You can more or less control the maximum loss on any one trade with stops. You cannot control anything else. If the stops are too tight for the tradeable, you will just get cut up over time. In fact, a "riskier" approach can be less risky in the long run because you get stopped out less.
As for the initial question, yes the two contracts are for all practical purposes the same. Show me a day where they didn't correlate strongly and I will show you a rare exception.
