Concordium (CCD) is 1593.7× the size of Base Identity (BASEID) by market capitalisation. Their daily returns move loosely together (correlation 0.57 across 23 shared trading days). BASEID has been the more volatile of the two, at 159% annualised against CCD's 112%.
BASEIDCCD
0.57over 23 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 | BASEID | CCD |
|---|---|---|
| Max drawdown (400d) | -85.3% | -41.3% |
| Risk-adjusted return (90d) | -0.22 | -0.12 |
Relative strength over 90 days: BASEID outperformed CCD by 14.8% — measured on the BASEID/CCD ratio, so it holds regardless of market direction.