Beldex (BDX) is 62.0× the size of Iagon (IAG) by market capitalisation. Their daily returns move loosely together (correlation 0.38 across 35 shared trading days). IAG has been the more volatile of the two, at 115% annualised against BDX's 64%.
IAGBDX
0.38over 35 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 | IAG | BDX |
|---|---|---|
| Max drawdown (400d) | -87.8% | -20.8% |
| Risk-adjusted return (90d) | 0.08 | -0.15 |
Relative strength over 90 days: IAG outperformed BDX by 11.0% — measured on the IAG/BDX ratio, so it holds regardless of market direction.