SpaceX (bStocks Tokenized Stock) (SPCXB) is 31617.5× the size of Celestica, Inc. • Robinhood Token (CLS) by market capitalisation. Their daily returns move barely together (correlation 0.06 across 23 shared trading days). Both have run at a similar volatility, around 70% annualised.
$123.4800
CLSSPCXB
0.06over 23 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 | CLS | SPCXB |
|---|---|---|
| Max drawdown (400d) | -33.0% | -47.5% |
| Risk-adjusted return (90d) | -0.47 | 0.28 |
Relative strength over 90 days: SPCXB outperformed CLS by 25.3% — measured on the CLS/SPCXB ratio, so it holds regardless of market direction.