SpaceX (bStocks Tokenized Stock) (SPCXB) is 1257.5× the size of Grindr (Backpack Securities) (GRND) by market capitalisation. Their daily returns move barely together (correlation 0.17 across 24 shared trading days). Both have run at a similar volatility, around 70% annualised.
$14.0300
$123.5700
GRNDSPCXB
0.17over 24 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 | GRND | SPCXB |
|---|---|---|
| Max drawdown (400d) | -18.8% | -47.5% |
| Risk-adjusted return (90d) | 0.04 | 0.28 |
Relative strength over 90 days: GRND outperformed SPCXB by 21.1% — measured on the GRND/SPCXB ratio, so it holds regardless of market direction.