Tornado Cash vs Beldex

Beldex (BDX) is 20.3× the size of Tornado Cash (TORN) by market capitalisation. Over the past 30 days, BDX is ahead by 3.1 percentage points (TORN -8.0% against BDX -5.0%). Their daily returns move barely in opposite directions (correlation -0.30 across 28 shared trading days). Both have run at a similar volatility, around 67% annualised.

Correlation: -0.30
Size ratio: 1 : 20.3
Ahead over 30 days: BDX

Tornado CashTORN

$4.0600

24h: -6.27%
Market cap: $28.21M
Volume 24h: $2.35M
Volatility (ann.): 69%

BeldexBDX

$0.072856

24h: +1.13%
Market cap: $573.50M
Volume 24h: $9.91M
Volatility (ann.): 64%

TORN 4.7%Share of the two combined market caps95.3% BDX

Performance

TORNBDX

7 days-1.08%-2.65%TORN
30 days-8.02%-4.95%BDX

Correlation

-0.30over 28 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.3090d: insufficient data1y: insufficient data

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.

Risk & extremes

Metric	TORN	BDX
Max drawdown (400d)	-19.8%	-20.8%
Risk-adjusted return (90d)	-0.09	-0.15

Relative strength over 90 days: TORN outperformed BDX by 0.5% — measured on the TORN/BDX ratio, so it holds regardless of market direction.

Tornado Cash →Beldex →