SpaceX (bStocks Tokenized Stock) (SPCXB) is 870.5× the size of Cloudflare (Ondo Tokenized) (NETON) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.07 across 68 shared trading days). Both have run at a similar volatility, around 72% annualised.
$262.8900
$122.1200
NETONSPCXB
-0.07over 68 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 | NETON | SPCXB |
|---|---|---|
| Max drawdown (400d) | -16.6% | -47.5% |
| Risk-adjusted return (90d) | 0.46 | 0.28 |
Relative strength over 90 days: NETON outperformed SPCXB by 5.7% — measured on the NETON/SPCXB ratio, so it holds regardless of market direction.