Beldex (BDX) is 122.3× the size of Alephium (ALPH) by market capitalisation. Their daily returns move barely together (correlation 0.08 across 45 shared trading days). ALPH has been the more volatile of the two, at 111% annualised against BDX's 65%.
ALPHBDX
0.08over 45 shared trading days
Measured on daily returns rather than on prices. Two assets that both simply trend upward score near 1.0 on raw prices whether or not they move together, so returns are what answer the question people mean by correlation.
| Metric | ALPH | BDX |
|---|---|---|
| Max drawdown (400d) | -86.3% | -20.8% |
| Risk-adjusted return (90d) | -0.10 | -0.15 |
| Best 30 days (past year) | +99.9% | — |
| Worst 30 days (past year) | -42.3% | — |
Relative strength over 90 days: ALPH outperformed BDX by 43.4% — measured on the ALPH/BDX ratio, so it holds regardless of market direction.