Beldex (BDX) is 2.6× the size of The Graph (GRT) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.06 across 59 shared trading days). GRT has been the more volatile of the two, at 85% annualised against BDX's 64%.
GRTBDX
-0.06over 59 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 | GRT | BDX |
|---|---|---|
| Max drawdown (400d) | -85.1% | -20.8% |
| Risk-adjusted return (90d) | 0.39 | -0.15 |
| Best 30 days (past year) | +115.0% | — |
| Worst 30 days (past year) | -41.8% | — |
Relative strength over 90 days: GRT outperformed BDX by 70.7% — measured on the GRT/BDX ratio, so it holds regardless of market direction.