SpaceX (bStocks Tokenized Stock) (SPCXB) is 9.4× the size of Alphabet Class A (Ondo Tokenized Stock) (GOOGLON) by market capitalisation. Their daily returns move barely together (correlation 0.29 across 118 shared trading days). SPCXB has been the more volatile of the two, at 71% annualised against GOOGLON's 35%.
$277.0700
$134.0400
GOOGLONSPCXB
0.29over 118 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 | GOOGLON | SPCXB |
|---|---|---|
| Max drawdown (400d) | -29.9% | -47.5% |
| Risk-adjusted return (90d) | -0.50 | 0.45 |
| Best 30 days (past year) | +37.7% | — |
| Worst 30 days (past year) | -17.5% | — |
Relative strength over 90 days: SPCXB outperformed GOOGLON by 13.6% — measured on the GOOGLON/SPCXB ratio, so it holds regardless of market direction.