Aerodrome Finance (AERO) is 1.7× the size of Bedrock (BR) by market capitalisation. Their daily returns move barely together (correlation 0.19 across 56 shared trading days). BR has been the more volatile of the two, at 529% annualised against AERO's 101%.
BRAERO
0.19over 56 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 | BR | AERO |
|---|---|---|
| Max drawdown (400d) | -62.7% | -36.4% |
| Risk-adjusted return (90d) | 0.26 | 0.44 |
Relative strength over 90 days: BR outperformed AERO by 54.1% — measured on the BR/AERO ratio, so it holds regardless of market direction.