SpaceX (bStocks Tokenized Stock) (SPCXB) is 70.9× the size of Amazon (Coinbase Tokenized Stock) (AMZNC) by market capitalisation. Their daily returns move barely together (correlation 0.32 across 34 shared trading days). SPCXB has been the more volatile of the two, at 71% annualised against AMZNC's 45%.
$246.7300
$135.0100
AMZNCSPCXB
0.32over 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 | AMZNC | SPCXB |
|---|---|---|
| Max drawdown (400d) | -12.4% | -47.5% |
| Risk-adjusted return (90d) | 0.01 | 0.45 |
Relative strength over 90 days: AMZNC outperformed SPCXB by 6.2% — measured on the AMZNC/SPCXB ratio, so it holds regardless of market direction.