SpaceX (bStocks Tokenized Stock) (SPCXB) is 466.1× the size of Goldman Sachs xStock (GSX) by market capitalisation. Their daily returns move barely together (correlation 0.03 across 22 shared trading days). GSX has been the more volatile of the two, at 148319% annualised against SPCXB's 71%.
$932.4500
$133.1500
GSXSPCXB
0.03over 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 | GSX | SPCXB |
|---|---|---|
| Max drawdown (400d) | -100.0% | -47.5% |
| Risk-adjusted return (90d) | 0.00 | 0.28 |
Relative strength over 90 days: SPCXB outperformed GSX by 72.5% — measured on the GSX/SPCXB ratio, so it holds regardless of market direction.