Applied Digital Tokenized Stock (Reality) vs SpaceX (bStocks Tokenized Stock)

SpaceX (bStocks Tokenized Stock) (SPCXB) is 1136.2× the size of Applied Digital Tokenized Stock (Reality) (RAPLD) by market capitalisation. Their daily returns move barely together (correlation 0.29 across 25 shared trading days). Both have run at a similar volatility, around 72% annualised.

Correlation: 0.29
Size ratio: 1 : 1136.2

Applied Digital Tokenized Stock (Reality)RAPLD

$16.4100

24h: -3.76%
Market cap: $173,498
Volume 24h: $39,438
Volatility (ann.): 72%

SpaceX (bStocks Tokenized Stock)SPCXB

$134.2800

24h: -1.69%
Market cap: $197.13M
Volume 24h: $66.32M
Volatility (ann.): 71%

RAPLD 0.1%Share of the two combined market caps99.9% SPCXB

Performance

RAPLDSPCXB

7 days-7.57%-6.33%SPCXB
30 days+0.77%-21.79%RAPLD
90 days—+17.70%—

Correlation

0.29over 25 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.2990d: 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	RAPLD	SPCXB
Max drawdown (400d)	-17.4%	-47.5%
Risk-adjusted return (90d)	0.01	0.28

Relative strength over 90 days: SPCXB outperformed RAPLD by 12.1% — measured on the RAPLD/SPCXB ratio, so it holds regardless of market direction.

Applied Digital Tokenized Stock (Reality) →SpaceX (bStocks Tokenized Stock) →