Not quite. Yes, a lot of the "red" you see in today's Red Velvet cakes is based on food coloring. However, although both Chocolate and Red Velvet cakes rely on cocoa as a base, Red Velvet cake also uses a unique combination of buttermilk & vinegar that create a softer, richer cake than standard Chocolate cakes. In the end, they are similar - like cousins - but not the same.