SpaceX (bStocks Tokenized Stock) (SPCXB) is 128.0× the size of Alibaba • Robinhood Token (BABA) by market capitalisation. Their daily returns move barely together (correlation 0.15 across 37 shared trading days). SPCXB has been the more volatile of the two, at 71% annualised against BABA's 37%.
$99.6600
$135.5800
BABASPCXB
0.15over 37 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 | BABA | SPCXB |
|---|---|---|
| Max drawdown (400d) | -16.0% | -47.5% |
| Risk-adjusted return (90d) | -0.26 | 0.45 |
Relative strength over 90 days: SPCXB outperformed BABA by 6.4% — measured on the BABA/SPCXB ratio, so it holds regardless of market direction.