SpaceX (bStocks Tokenized Stock) (SPCXB) is 1236.7× the size of Hut 8 (Ondo Tokenized) (HUTON) by market capitalisation. Their daily returns move loosely together (correlation 0.36 across 26 shared trading days). HUTON has been the more volatile of the two, at 87% annualised against SPCXB's 71%.
$133.6800
HUTONSPCXB
0.36over 26 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 | HUTON | SPCXB |
|---|---|---|
| Max drawdown (400d) | -18.6% | -47.5% |
| Risk-adjusted return (90d) | 0.02 | 0.28 |
Relative strength over 90 days: SPCXB outperformed HUTON by 3.9% — measured on the HUTON/SPCXB ratio, so it holds regardless of market direction.