SpaceX (bStocks Tokenized Stock) (SPCXB) is 11249.1× the size of Adobe Inc. • Robinhood Token (ADBE) by market capitalisation. Their daily returns move barely together (correlation 0.17 across 34 shared trading days). SPCXB has been the more volatile of the two, at 71% annualised against ADBE's 44%.
$243.6300
$122.7400
ADBESPCXB
0.17over 34 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 | ADBE | SPCXB |
|---|---|---|
| Max drawdown (400d) | -5.8% | -47.5% |
| Risk-adjusted return (90d) | 0.10 | 0.28 |
Relative strength over 90 days: ADBE outperformed SPCXB by 15.4% — measured on the ADBE/SPCXB ratio, so it holds regardless of market direction.