Beldex (BDX) is 85.9× the size of SINO (SINO) by market capitalisation. Over the past 30 days, BDX is ahead by 0.5 percentage points (SINO -6.0% against BDX -5.5%). Their daily returns move barely together (correlation 0.06 across 32 shared trading days). BDX has been the more volatile of the two, at 65% annualised against SINO's 21%.
SINOBDX
0.06over 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 | SINO | BDX |
|---|---|---|
| Max drawdown (400d) | -9.4% | -20.8% |
| Risk-adjusted return (90d) | -0.29 | -0.15 |
Relative strength over 90 days: SINO outperformed BDX by 3.1% — measured on the SINO/BDX ratio, so it holds regardless of market direction.