SpaceX (bStocks Tokenized Stock) (SPCXB) is 351.0× the size of Dell • Robinhood Token (DELL) by market capitalisation. Their daily returns move loosely together (correlation 0.45 across 38 shared trading days). Both have run at a similar volatility, around 75% annualised.
$399.9600
$136.5600
DELLSPCXB
0.45over 38 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 | DELL | SPCXB |
|---|---|---|
| Max drawdown (400d) | -28.9% | -47.5% |
| Risk-adjusted return (90d) | -0.07 | 0.45 |
Relative strength over 90 days: SPCXB outperformed DELL by 5.1% — measured on the DELL/SPCXB ratio, so it holds regardless of market direction.