SpaceX (bStocks Tokenized Stock) (SPCXB) is 884.5× the size of Bank of America xStock (BACX) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.05 across 27 shared trading days). BACX has been the more volatile of the two, at 329% annualised against SPCXB's 71%.
$123.7100
BACXSPCXB
-0.05over 27 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 | BACX | SPCXB |
|---|---|---|
| Max drawdown (400d) | -23.3% | -47.5% |
| Risk-adjusted return (90d) | -0.01 | 0.28 |
Relative strength over 90 days: SPCXB outperformed BACX by 11.1% — measured on the BACX/SPCXB ratio, so it holds regardless of market direction.