SpaceX (bStocks Tokenized Stock) (SPCXB) is 1560.8× the size of AstraZeneca xStock (AZNX) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.05 across 119 shared trading days). AZNX has been the more volatile of the two, at 97% annualised against SPCXB's 71%.
$125.2800
AZNXSPCXB
-0.05over 119 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 | AZNX | SPCXB |
|---|---|---|
| Max drawdown (400d) | -25.6% | -47.5% |
| Risk-adjusted return (90d) | 0.57 | 0.28 |
| Best 30 days (past year) | +124.9% | — |
| Worst 30 days (past year) | -20.0% | — |
Relative strength over 90 days: AZNX outperformed SPCXB by 125.3% — measured on the AZNX/SPCXB ratio, so it holds regardless of market direction.