RE (RE) is 992.7× the size of Bridge Mutual (BMI) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.26 across 26 shared trading days). RE has been the more volatile of the two, at 218% annualised against BMI's 79%.
BMIRE
-0.26over 26 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 | BMI | RE |
|---|---|---|
| Max drawdown (400d) | -30.1% | -69.6% |
| Risk-adjusted return (90d) | -0.29 | -0.20 |
Relative strength over 90 days: BMI outperformed RE by 24.6% — measured on the BMI/RE ratio, so it holds regardless of market direction.