Bella Protocol (BEL) is 282.5× the size of Tulip Protocol (TULIP) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.04 across 34 shared trading days). TULIP has been the more volatile of the two, at 142% annualised against BEL's 120%.
TULIPBEL
-0.04over 34 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 | TULIP | BEL |
|---|---|---|
| Max drawdown (400d) | -48.8% | -75.6% |
| Risk-adjusted return (90d) | -0.22 | -0.04 |
| Best 30 days (past year) | — | +98.4% |
| Worst 30 days (past year) | — | -47.8% |
Relative strength over 90 days: BEL outperformed TULIP by 8.5% — measured on the TULIP/BEL ratio, so it holds regardless of market direction.