SpaceX (bStocks Tokenized Stock) (SPCXB) is 820445.1× the size of Ciena aStock (ACIEN) by market capitalisation. Their daily returns move barely together (correlation 0.31 across 31 shared trading days). ACIEN has been the more volatile of the two, at 100% annualised against SPCXB's 71%.
$133.5500
ACIENSPCXB
0.31over 31 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 | ACIEN | SPCXB |
|---|---|---|
| Max drawdown (400d) | -29.0% | -47.5% |
| Risk-adjusted return (90d) | -0.05 | 0.28 |
Relative strength over 90 days: SPCXB outperformed ACIEN by 5.3% — measured on the ACIEN/SPCXB ratio, so it holds regardless of market direction.