SpaceX (bStocks Tokenized Stock) (SPCXB) is 64.6× the size of Coinbase • Robinhood Token (COIN) by market capitalisation. Their daily returns move barely together (correlation 0.30 across 39 shared trading days). COIN has been the more volatile of the two, at 100% annualised against SPCXB's 71%.
$142.5400
$136.5600
COINSPCXB
0.30over 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 | COIN | SPCXB |
|---|---|---|
| Max drawdown (400d) | -31.0% | -47.5% |
| Risk-adjusted return (90d) | -0.19 | 0.45 |
Relative strength over 90 days: SPCXB outperformed COIN by 19.9% — measured on the COIN/SPCXB ratio, so it holds regardless of market direction.