Beldex (BDX) is 516.2× the size of Holdstation (HOLD) by market capitalisation. Their daily returns move barely together (correlation 0.06 across 42 shared trading days). HOLD has been the more volatile of the two, at 84% annualised against BDX's 65%.
HOLDBDX
0.06over 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 | HOLD | BDX |
|---|---|---|
| Max drawdown (400d) | -55.4% | -20.8% |
| Risk-adjusted return (90d) | -0.66 | -0.15 |
Relative strength over 90 days: BDX outperformed HOLD by 20.7% — measured on the HOLD/BDX ratio, so it holds regardless of market direction.