SpaceX (bStocks Tokenized Stock) (SPCXB) is 17938.5× the size of Alphabet aStock (AGOOGL) by market capitalisation. Their daily returns move loosely together (correlation 0.42 across 31 shared trading days). SPCXB has been the more volatile of the two, at 71% annualised against AGOOGL's 25%.
$123.5200
AGOOGLSPCXB
0.42over 31 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 | AGOOGL | SPCXB |
|---|---|---|
| Max drawdown (400d) | -10.6% | -47.5% |
| Risk-adjusted return (90d) | -0.30 | 0.28 |
Relative strength over 90 days: SPCXB outperformed AGOOGL by 7.6% — measured on the AGOOGL/SPCXB ratio, so it holds regardless of market direction.