red is coarse, white is medium and green is fine.
This would be the opposite for for the green, white and red compounds I have. Green is the coarsest, works well on stainless steel. White provides more of a mirror polish, but still has some cutting action, and red, or jewellers rouge, is primarily for polishing, hardly cuts at all.
Green will provide a polished edge on, for instance, a wood chisel in high carbon steel, but not so much on hard stainless. I need the white for that.