SpaceX (bStocks Tokenized Stock) (SPCXB) is 1769.4× the size of AXT (Ondo Tokenized) (AXTION) by market capitalisation. Their daily returns move loosely together (correlation 0.45 across 54 shared trading days). AXTION has been the more volatile of the two, at 136% annualised against SPCXB's 71%.
$46.3100
$124.8600
AXTIONSPCXB
0.45over 54 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 | AXTION | SPCXB |
|---|---|---|
| Max drawdown (400d) | -41.8% | -47.5% |
| Risk-adjusted return (90d) | -0.01 | 0.28 |
Relative strength over 90 days: SPCXB outperformed AXTION by 22.9% — measured on the AXTION/SPCXB ratio, so it holds regardless of market direction.