bDollar (BDO) and Legacy Frax Dollar (FRAX) compared side by side. Their daily returns move barely together (correlation 0.10 across 33 shared trading days). FRAX has been the more volatile of the two, at 99% annualised against BDO's 39%.
BDOFRAX
0.10over 33 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 | BDO | FRAX |
|---|---|---|
| Max drawdown (400d) | -10.7% | -81.3% |
| Risk-adjusted return (90d) | -0.16 | -0.33 |
Relative strength over 90 days: BDO outperformed FRAX by 13.2% — measured on the BDO/FRAX ratio, so it holds regardless of market direction.