SpaceX (bStocks Tokenized Stock) (SPCXB) is 15.2× the size of Coinbase xStock (COINX) by market capitalisation. Their daily returns move barely together (correlation 0.21 across 117 shared trading days). Both have run at a similar volatility, around 73% annualised.
$134.2200
COINXSPCXB
0.21over 117 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 | COINX | SPCXB |
|---|---|---|
| Max drawdown (400d) | -64.4% | -47.5% |
| Risk-adjusted return (90d) | -0.17 | 0.45 |
| Best 30 days (past year) | +36.9% | — |
| Worst 30 days (past year) | -44.4% | — |
Relative strength over 90 days: SPCXB outperformed COINX by 6.5% — measured on the COINX/SPCXB ratio, so it holds regardless of market direction.