SpaceX (bStocks Tokenized Stock) (SPCXB) is 7400.0× the size of Fluence Energy (Ondo Tokenized) (FLNCON) by market capitalisation. Their daily returns move barely together (correlation 0.02 across 27 shared trading days). FLNCON has been the more volatile of the two, at 86% annualised against SPCXB's 71%.
$6.0000
$122.7400
FLNCONSPCXB
0.02over 27 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 | FLNCON | SPCXB |
|---|---|---|
| Max drawdown (400d) | -33.9% | -47.5% |
| Risk-adjusted return (90d) | -0.37 | 0.28 |
Relative strength over 90 days: SPCXB outperformed FLNCON by 36.1% — measured on the FLNCON/SPCXB ratio, so it holds regardless of market direction.