Beldex (BDX) is 24.1× the size of Ergo (ERG) by market capitalisation. Over the past 30 days, ERG is ahead by 12.8 percentage points (ERG +7.3% against BDX -5.5%). Their daily returns move loosely together (correlation 0.37 across 30 shared trading days). ERG has been the more volatile of the two, at 84% annualised against BDX's 65%.
ERGBDX
0.37over 30 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 | ERG | BDX |
|---|---|---|
| Max drawdown (400d) | -20.8% | -20.8% |
| Risk-adjusted return (90d) | 0.13 | -0.15 |
Relative strength over 90 days: ERG outperformed BDX by 21.5% — measured on the ERG/BDX ratio, so it holds regardless of market direction.