Beldex (BDX) is 1006.4× the size of Energi (NRG) by market capitalisation. Their daily returns move barely together (correlation 0.20 across 42 shared trading days). NRG has been the more volatile of the two, at 708% annualised against BDX's 65%.
NRGBDX
0.20over 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 | NRG | BDX |
|---|---|---|
| Max drawdown (400d) | -89.0% | -20.8% |
| Risk-adjusted return (90d) | 0.18 | -0.15 |
| Best 30 days (past year) | +302.6% | — |
| Worst 30 days (past year) | -52.3% | — |
Relative strength over 90 days: NRG outperformed BDX by 357.5% — measured on the NRG/BDX ratio, so it holds regardless of market direction.