SpaceX (bStocks Tokenized Stock) (SPCXB) is 1059.9× the size of Applied Digital (Ondo Tokenized) (APLDON) by market capitalisation. Their daily returns move barely together (correlation 0.31 across 54 shared trading days). Both have run at a similar volatility, around 70% annualised.
$16.4600
$123.5700
APLDONSPCXB
0.31over 54 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 | APLDON | SPCXB |
|---|---|---|
| Max drawdown (400d) | -24.8% | -47.5% |
| Risk-adjusted return (90d) | -0.17 | 0.28 |
Relative strength over 90 days: SPCXB outperformed APLDON by 30.7% — measured on the APLDON/SPCXB ratio, so it holds regardless of market direction.