GHO (GHO) is 66429.8× the size of BOOKUSD (BUD) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.25 across 42 shared trading days). BUD has been the more volatile of the two, at 34% annualised against GHO's 1%.
BUDGHO
-0.25over 42 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 | BUD | GHO |
|---|---|---|
| Max drawdown (400d) | -18.6% | -0.2% |
| Risk-adjusted return (90d) | 0.15 | 0.00 |
Relative strength over 90 days: BUD outperformed GHO by 8.4% — measured on the BUD/GHO ratio, so it holds regardless of market direction.