SpaceX (bStocks Tokenized Stock) (SPCXB) is 37580.3× the size of Astera Labs, Inc. • Robinhood Token (ALAB) by market capitalisation. Their daily returns move barely together (correlation 0.26 across 22 shared trading days). Both have run at a similar volatility, around 76% annualised.
$216.9500
$123.9000
ALABSPCXB
0.26over 22 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 | ALAB | SPCXB |
|---|---|---|
| Max drawdown (400d) | -33.4% | -47.5% |
| Risk-adjusted return (90d) | -0.35 | 0.28 |
Relative strength over 90 days: SPCXB outperformed ALAB by 18.8% — measured on the ALAB/SPCXB ratio, so it holds regardless of market direction.