SpaceX (bStocks Tokenized Stock) (SPCXB) is 1037.4× the size of Danaher xStock (DHRX) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.08 across 110 shared trading days). SPCXB has been the more volatile of the two, at 71% annualised against DHRX's 42%.
$123.4200
DHRXSPCXB
-0.08over 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 | DHRX | SPCXB |
|---|---|---|
| Max drawdown (400d) | -34.1% | -47.5% |
| Risk-adjusted return (90d) | 0.30 | 0.28 |
Relative strength over 90 days: DHRX outperformed SPCXB by 18.7% — measured on the DHRX/SPCXB ratio, so it holds regardless of market direction.