Beldex (BDX) is 832.2× the size of Confidential Layer (CLONE) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.06 across 46 shared trading days). CLONE has been the more volatile of the two, at 113% annualised against BDX's 64%.
CLONEBDX
-0.06over 46 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 | CLONE | BDX |
|---|---|---|
| Max drawdown (400d) | -87.6% | -20.8% |
| Risk-adjusted return (90d) | 0.14 | -0.15 |
Relative strength over 90 days: CLONE outperformed BDX by 30.8% — measured on the CLONE/BDX ratio, so it holds regardless of market direction.