Applied Digital • Robinhood Token vs SpaceX (bStocks Tokenized Stock)

SpaceX (bStocks Tokenized Stock) (SPCXB) is 11018.8× the size of Applied Digital • Robinhood Token (APLD) by market capitalisation. Their daily returns move loosely together (correlation 0.41 across 33 shared trading days). APLD has been the more volatile of the two, at 100% annualised against SPCXB's 71%.

Correlation: 0.41
Size ratio: 1 : 11018.8

Applied Digital • Robinhood TokenAPLD

$16.7200

24h: —
Market cap: $16,877
Volume 24h: $30
Volatility (ann.): 100%

SpaceX (bStocks Tokenized Stock)SPCXB

$123.9000

24h: -9.98%
Market cap: $185.96M
Volume 24h: $47.36M
Volatility (ann.): 71%

APLD 0.0%Share of the two combined market caps100.0% SPCXB

Performance

APLDSPCXB

7 days-18.77%-6.33%SPCXB
30 days-39.33%-21.79%SPCXB
90 days—+17.70%—

Correlation

0.41over 33 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.4190d: insufficient data1y: insufficient data

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.

Risk & extremes

Metric	APLD	SPCXB
Max drawdown (400d)	-39.3%	-47.5%
Risk-adjusted return (90d)	-0.36	0.28

Relative strength over 90 days: SPCXB outperformed APLD by 24.4% — measured on the APLD/SPCXB ratio, so it holds regardless of market direction.

Applied Digital • Robinhood Token →SpaceX (bStocks Tokenized Stock) →