Matilda and Ellie each take $\frac{1}{2}$ of the wall. Matilda paints $\frac{1}{2}$ of her half, or $\frac{1}{2} \times \frac{1}{2} = \frac{1}{4}$ of the entire wall. Ellie paints $\frac{1}{3}$ of her half, or $\frac{1}{3} \times \frac{1}{2} = \frac{1}{6}$ of the entire wall. Therefore, $\frac{1}{4} + \frac{1}{6} = \frac{3}{12} + \frac{2}{12} = \frac{5}{12}$ of the wall is painted red.