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Both races have passives that come in handy in trials. And honestly, with the CP system and gear you're going to be boosting their weaknesses, bringing them closer to one another where it makes even less of a difference. But what's our base difference?
Khajiit
20% health recovery.
Stealth buff...lower detect, more damage from stealth
8% weapon crit
Redguard
10% max stam
Melee returns 3% stam
Hum dee dum. So I'm going to call the stealth and stam regen passives a wash. They're both nice, but not game changers. On a redguard, I'd estimate you'd be getting back 1,000ish stam every five seconds. This is good, but on the other hand with a khajiit you should be attacking from stealth a lot and that buff means fewer hits to kill. If you're a nightblade, I think the khajiit slightly wins this passive compare because they stealth a lot and have siphoning attacks to offset the recovery loss. if you're a Templar I think redguard edges out slightly, although in trials I find that repentance gives me plenty of stam.
The real question is the max stam or the crit. Again, I think Templars or DKs love the max stam while NBs love the crit. For my khajiit, I boost the CPs for physical damage and crit damage, and he crits 75% of the time. In my mind, that's pulling a lot more damage than a 10% stam boost would. But 3,000 stam increases damage for every stam attack, which is good. A distinction here is that there are some ways to get crit high enough without this passive (camo hunter, for example), but finding an addl 3k+ stam is tough.
The health recovery is a big deal to me. It would cost..,what? 60-70 champion points to buy 20% health recovery? I find I can spend these on things to more than make up for the max stam or melee passive on redguard, so I've always like Khajiit.
Play style also makes a difference in this question. I stamblade a lot of trials, and in the craziness I'm often buffing and dark cloaking out of trouble and then turning around to wallop someone. For that playstyle, the khajiit passives are very helpful. But more "in your face" players wouldn't see as much benefit, and would probably do better with the redguard passives.
Sorry, that was a long answer just to say "depends", lol. I am a stealth-reliant player, personally, so I like khajiit. My main is a khajiit stamblade. And in fact my stam Templar started as a redguard, but very early on I HATED the huge detect radius, so I deleted him and made a khajiit stamplar because I needed the sneakiness.
As title states, which race is better for Trials (only Trials)?
Sustain + Max Stamina vs Crit Chance?
well by far the best sustain is going to be the woodelf actually racking in 21% recovery followed by the redguard who has 10%, and they arnt far behind in max stam with 6% coming in second to the redgaurd who will have 9%. the khajiit will only have 10% stam recov, no max stam.
In my opinion as far as max stam and sustain I find the woodelf the best because it has double and recovery as the redgaurd and khajiit who are tied. Second the redguards max stam is 4% higher then the woodelfs, yes its better but I find that the difference it recovery more then makes up for the difference in max stamina. Leaving the khajiit out because he doesn't even have any max stam racial bonus.
Now crit chance is where the khajiit wins racking in 8% and the woodelf, redgaurd are bringing you none, however personally my lv30 woodelf stamblade pvp build is running with 36% critical which is good enough for me, and yet again in the woodelfs defense when in stealth you get a 8% raw damage bonus to whatever attack you use, yes the critical hits harder its a critical, but that bonus keeps the woodelf close and the redguard behind.
so again in my opinion with stated above I personally just find with woodelf better, its pure overkill in sustain is what I think is most important because you can't do jack when you have no resource, and again being very close behind in max stam keeping it a viable option, and adding you raw damage instead of crit in stealth.