Brett (BRETT) is 482.5× the size of BALD (BALD) by market capitalisation. Their daily returns move barely together (correlation 0.34 across 40 shared trading days). BALD has been the more volatile of the two, at 232% annualised against BRETT's 100%.
BALDBRETT
0.34over 40 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 | BALD | BRETT |
|---|---|---|
| Max drawdown (400d) | -78.7% | -31.9% |
| Risk-adjusted return (90d) | -0.10 | -0.04 |
Relative strength over 90 days: BRETT outperformed BALD by 48.1% — measured on the BALD/BRETT ratio, so it holds regardless of market direction.