SpaceX (bStocks Tokenized Stock) (SPCXB) is 237.2× the size of CrowdStrike xStock (CRWDX) by market capitalisation. Their daily returns move barely together (correlation 0.09 across 110 shared trading days). CRWDX has been the more volatile of the two, at 108% annualised against SPCXB's 71%.
$135.3500
CRWDXSPCXB
0.09over 110 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 | CRWDX | SPCXB |
|---|---|---|
| Max drawdown (400d) | -38.8% | -47.5% |
| Risk-adjusted return (90d) | 0.38 | 0.45 |
Relative strength over 90 days: CRWDX outperformed SPCXB by 38.6% — measured on the CRWDX/SPCXB ratio, so it holds regardless of market direction.