SpaceX (bStocks Tokenized Stock) (SPCXB) is 299156.4× the size of Arista Networks aStock (AANET) by market capitalisation. Their daily returns move loosely together (correlation 0.43 across 31 shared trading days). SPCXB has been the more volatile of the two, at 71% annualised against AANET's 48%.
$133.8400
AANETSPCXB
0.43over 31 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 | AANET | SPCXB |
|---|---|---|
| Max drawdown (400d) | -21.2% | -47.5% |
| Risk-adjusted return (90d) | -0.29 | 0.28 |
Relative strength over 90 days: SPCXB outperformed AANET by 13.8% — measured on the AANET/SPCXB ratio, so it holds regardless of market direction.