Beldex (BDX) is 319.1× the size of Everscale (EVER) by market capitalisation. Their daily returns move loosely in opposite directions (correlation -0.36 across 36 shared trading days). EVER has been the more volatile of the two, at 185% annualised against BDX's 65%.
EVERBDX
-0.36over 36 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 | EVER | BDX |
|---|---|---|
| Max drawdown (400d) | -95.9% | -20.8% |
| Risk-adjusted return (90d) | -0.36 | -0.15 |
Relative strength over 90 days: BDX outperformed EVER by 46.3% — measured on the EVER/BDX ratio, so it holds regardless of market direction.