SpaceX (bStocks Tokenized Stock) (SPCXB) is 255.8× the size of Futu Holdings (Ondo Tokenized Stock) (FUTUON) by market capitalisation. Their daily returns move barely together (correlation 0.06 across 112 shared trading days). SPCXB has been the more volatile of the two, at 71% annualised against FUTUON's 61%.
$103.3100
$136.6300
FUTUONSPCXB
0.06over 112 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 | FUTUON | SPCXB |
|---|---|---|
| Max drawdown (400d) | -54.3% | -47.5% |
| Risk-adjusted return (90d) | 0.07 | 0.45 |
| Best 30 days (past year) | +26.1% | — |
| Worst 30 days (past year) | -45.5% | — |
Relative strength over 90 days: FUTUON outperformed SPCXB by 20.1% — measured on the FUTUON/SPCXB ratio, so it holds regardless of market direction.