SpaceX (bStocks Tokenized Stock) (SPCXB) is 30079.6× the size of Celsius • Robinhood Token (CELH) by market capitalisation. Their daily returns move barely together (correlation 0.09 across 28 shared trading days). Both have run at a similar volatility, around 69% annualised.
$122.7400
CELHSPCXB
0.09over 28 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 | CELH | SPCXB |
|---|---|---|
| Max drawdown (400d) | -7.7% | -47.5% |
| Risk-adjusted return (90d) | 0.13 | 0.28 |
Relative strength over 90 days: CELH outperformed SPCXB by 19.8% — measured on the CELH/SPCXB ratio, so it holds regardless of market direction.