Lido DAO (LDO) is 8268.7× the size of bAlpha (BALPHA) by market capitalisation. Their daily returns move closely together (correlation 0.67 across 87 shared trading days). BALPHA has been the more volatile of the two, at 121% annualised against LDO's 95%.
BALPHALDO
0.67over 87 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 | BALPHA | LDO |
|---|---|---|
| Max drawdown (400d) | -74.0% | -81.5% |
| Risk-adjusted return (90d) | -0.56 | 0.18 |
| Best 30 days (past year) | — | +58.2% |
| Worst 30 days (past year) | — | -51.2% |
Relative strength over 90 days: BALPHA outperformed LDO by 29.0% — measured on the BALPHA/LDO ratio, so it holds regardless of market direction.