Beldex (BDX) is 3.1× the size of Zama (ZAMA) by market capitalisation. Their daily returns move barely together (correlation 0.01 across 58 shared trading days). ZAMA has been the more volatile of the two, at 123% annualised against BDX's 65%.
ZAMABDX
0.01over 58 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 | ZAMA | BDX |
|---|---|---|
| Max drawdown (400d) | -48.7% | -20.8% |
| Risk-adjusted return (90d) | 0.23 | -0.15 |
Relative strength over 90 days: ZAMA outperformed BDX by 78.1% — measured on the ZAMA/BDX ratio, so it holds regardless of market direction.