Shadow Node (SVPN) and Beldex (BDX) compared side by side. Over the past 30 days, BDX is ahead by 17.1 percentage points (SVPN -22.6% against BDX -5.5%). Their daily returns move barely together (correlation 0.22 across 20 shared trading days). Both have run at a similar volatility, around 68% annualised.
SVPNBDX
0.22over 20 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 | SVPN | BDX |
|---|---|---|
| Max drawdown (400d) | -26.5% | -20.8% |
| Risk-adjusted return (90d) | -0.31 | -0.15 |
Relative strength over 90 days: SVPN outperformed BDX by 6.0% — measured on the SVPN/BDX ratio, so it holds regardless of market direction.