Let $d$ be a metric on $X$, and define $\rho: X^{2} \to \mathbb{R}$ as $$\rho(x,y)=\frac{d(x,y)}{1+d(x,y)}$$ The difficulty is in checking the triangle inequality. So, I can prove this by writing $f(t)=\frac{t}{1+t}$ and showing (by doing some algebra) that $$ f(A)+f(B)\ge f(A+B)$$ From which it follows that $A+B\ge C \implies f(A)+f(B) \ge f(C)$, and this is enough to verify the triangle inequality.
I have two problems with this: one, it's quite messy, and two, it doesn't really give me any intuition for what the metric $\rho$ looks like. It's obviously bounded, and it sort of squishes the whole space $X$ into a unit disc. Is there a good way of thinking about it?
For instance, the claim $f(A)+f(B) \ge f(A+B)$ looks similar to (but not quite the same as) the definition of concavity, and I could check $f$ is concave by looking at its derivative.