SpaceX (bStocks Tokenized Stock) (SPCXB) is 493.9× the size of DraftKings (Backpack Securities) (DKNG) by market capitalisation. Their daily returns move barely together (correlation 0.28 across 22 shared trading days). Both have run at a similar volatility, around 67% annualised.
$23.2700
$133.5500
DKNGSPCXB
0.28over 22 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 | DKNG | SPCXB |
|---|---|---|
| Max drawdown (400d) | -5.5% | -47.5% |
| Risk-adjusted return (90d) | 0.44 | 0.28 |
Relative strength over 90 days: DKNG outperformed SPCXB by 50.7% — measured on the DKNG/SPCXB ratio, so it holds regardless of market direction.