SpaceX (bStocks Tokenized Stock) (SPCXB) is 641.1× the size of Coinbase Global Inc ST0x (WTCOIN) by market capitalisation. Their daily returns move barely together (correlation 0.33 across 39 shared trading days). WTCOIN has been the more volatile of the two, at 87% annualised against SPCXB's 71%.
$152.0100
$133.7500
WTCOINSPCXB
0.33over 39 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 | WTCOIN | SPCXB |
|---|---|---|
| Max drawdown (400d) | -31.2% | -47.5% |
| Risk-adjusted return (90d) | -0.16 | 0.28 |
Relative strength over 90 days: SPCXB outperformed WTCOIN by 9.5% — measured on the WTCOIN/SPCXB ratio, so it holds regardless of market direction.