Beldex (BDX) is 8.7× the size of Safe (SAFE) by market capitalisation. Over the past 30 days, BDX is ahead by 10.1 percentage points (SAFE -15.6% against BDX -5.5%). Their daily returns move barely together (correlation 0.09 across 54 shared trading days). SAFE has been the more volatile of the two, at 95% annualised against BDX's 65%.
SAFEBDX
0.09over 54 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 | SAFE | BDX |
|---|---|---|
| Max drawdown (400d) | -31.2% | -20.8% |
| Risk-adjusted return (90d) | 0.00 | -0.15 |
Relative strength over 90 days: SAFE outperformed BDX by 13.1% — measured on the SAFE/BDX ratio, so it holds regardless of market direction.