Beldex (BDX) is 29191.7× the size of Xcellar (XCL) by market capitalisation. Their daily returns move closely together (correlation 0.64 across 38 shared trading days). XCL has been the more volatile of the two, at 205% annualised against BDX's 64%.
XCLBDX
0.64over 38 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 | XCL | BDX |
|---|---|---|
| Max drawdown (400d) | -99.4% | -20.8% |
| Risk-adjusted return (90d) | -0.42 | -0.17 |
Relative strength over 90 days: BDX outperformed XCL by 16.9% — measured on the XCL/BDX ratio, so it holds regardless of market direction.