Beldex (BDX) is 230795.1× the size of DiemLibre (DLB) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.26 across 37 shared trading days). DLB has been the more volatile of the two, at 2074% annualised against BDX's 64%.
DLBBDX
-0.26over 37 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 | DLB | BDX |
|---|---|---|
| Max drawdown (400d) | -98.1% | -20.8% |
| Risk-adjusted return (90d) | -0.01 | -0.15 |
Relative strength over 90 days: BDX outperformed DLB by 49.5% — measured on the DLB/BDX ratio, so it holds regardless of market direction.