SpaceX (bStocks Tokenized Stock) (SPCXB) is 900.2× the size of AXT Tokenized Stock (Reality) (RAXTI) by market capitalisation. Their daily returns move loosely together (correlation 0.46 across 25 shared trading days). RAXTI has been the more volatile of the two, at 109% annualised against SPCXB's 71%.
$46.0100
$134.2800
RAXTISPCXB
0.46over 25 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 | RAXTI | SPCXB |
|---|---|---|
| Max drawdown (400d) | -17.4% | -47.5% |
| Risk-adjusted return (90d) | 0.23 | 0.28 |
Relative strength over 90 days: RAXTI outperformed SPCXB by 10.3% — measured on the RAXTI/SPCXB ratio, so it holds regardless of market direction.