Beldex (BDX) is 58.7× the size of HOPR (HOPR) by market capitalisation. Over the past 30 days, HOPR is ahead by 7.3 percentage points (HOPR +1.8% against BDX -5.5%). Their daily returns move barely together (correlation 0.18 across 32 shared trading days). Both have run at a similar volatility, around 61% annualised.
HOPRBDX
0.18over 32 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 | HOPR | BDX |
|---|---|---|
| Max drawdown (400d) | -15.8% | -20.8% |
| Risk-adjusted return (90d) | 0.07 | -0.15 |
Relative strength over 90 days: HOPR outperformed BDX by 13.9% — measured on the HOPR/BDX ratio, so it holds regardless of market direction.