Beldex (BDX) is 881.8× the size of Shardeum (SHM) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.09 across 35 shared trading days). SHM has been the more volatile of the two, at 135% annualised against BDX's 65%.
SHMBDX
-0.09over 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 | SHM | BDX |
|---|---|---|
| Max drawdown (400d) | -100.0% | -20.8% |
| Risk-adjusted return (90d) | 0.07 | -0.15 |
Relative strength over 90 days: SHM outperformed BDX by 32.6% — measured on the SHM/BDX ratio, so it holds regardless of market direction.