Bella Protocol (BEL) is 2.3× the size of StakeStone Berachain Vault Token (BERASTONE) by market capitalisation. Their daily returns move barely together (correlation 0.27 across 40 shared trading days). BERASTONE has been the more volatile of the two, at 199% annualised against BEL's 120%.
$2,264.06
BERASTONEBEL
0.27over 40 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 | BERASTONE | BEL |
|---|---|---|
| Max drawdown (400d) | -40.4% | -75.6% |
| Risk-adjusted return (90d) | -0.04 | -0.03 |
| Best 30 days (past year) | — | +98.4% |
| Worst 30 days (past year) | — | -47.8% |
Relative strength over 90 days: BERASTONE outperformed BEL by 8.9% — measured on the BERASTONE/BEL ratio, so it holds regardless of market direction.