when I drain some TES 295 ATF from allison HD truck transmissions to send for analysis - they have a yellow/pink tint to them rather than the rooh afza red when it was poured new.
The colour is only a tint and bears absolutely nothing on performance - and almost every single time the result comes back perfect for further use, Multiple trucks are now reaching into the 100,000 mile service life with ATF in perfect condition except its not red anymore.
e.g. toyota T-IV wears out and disperses graphite in itself and becomes an ugly grayish black - but it still is ok that way.
OTOH - old dexron type ATFs from mineral base oil would be red n nice but have traction issues when its worn out. You get the drone/buzz/ lazy shift with ending shock etc.