SpaceX (bStocks Tokenized Stock) (SPCXB) is 25.8× the size of Alphabet Class A • Robinhood Token (GOOGL) by market capitalisation. Their daily returns move loosely together (correlation 0.36 across 38 shared trading days). SPCXB has been the more volatile of the two, at 71% annualised against GOOGL's 51%.
$276.2300
$132.9200
GOOGLSPCXB
0.36over 38 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 | GOOGL | SPCXB |
|---|---|---|
| Max drawdown (400d) | -21.4% | -47.5% |
| Risk-adjusted return (90d) | -0.38 | 0.45 |
Relative strength over 90 days: SPCXB outperformed GOOGL by 19.8% — measured on the GOOGL/SPCXB ratio, so it holds regardless of market direction.