SpaceX (bStocks Tokenized Stock) (SPCXB) is 54995.5× the size of Ciena Tokenized Stock (Reality) (RCIEN) by market capitalisation. Their daily returns move barely together (correlation 0.05 across 26 shared trading days). RCIEN has been the more volatile of the two, at 90% annualised against SPCXB's 73%.
$235.9500
$127.6800
RCIENSPCXB
0.05over 26 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 | RCIEN | SPCXB |
|---|---|---|
| Max drawdown (400d) | -10.8% | -47.5% |
| Risk-adjusted return (90d) | 0.22 | -0.15 |
Relative strength over 90 days: RCIEN outperformed SPCXB by 9.4% — measured on the RCIEN/SPCXB ratio, so it holds regardless of market direction.