SpaceX (bStocks Tokenized Stock) (SPCXB) is 156.1× the size of Eli Lilly xStock (LLYX) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.06 across 110 shared trading days). SPCXB has been the more volatile of the two, at 71% annualised against LLYX's 53%.
$138.2200
LLYXSPCXB
-0.06over 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 | LLYX | SPCXB |
|---|---|---|
| Max drawdown (400d) | -23.9% | -47.5% |
| Risk-adjusted return (90d) | -0.04 | 0.45 |
Relative strength over 90 days: LLYX outperformed SPCXB by 3.4% — measured on the LLYX/SPCXB ratio, so it holds regardless of market direction.