SpaceX (bStocks Tokenized Stock) (SPCXB) is 76.0× the size of IBM (Ondo Tokenized Stock) (IBMON) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.03 across 109 shared trading days). SPCXB has been the more volatile of the two, at 71% annualised against IBMON's 52%.
$252.8200
$136.7300
IBMONSPCXB
-0.03over 109 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 | IBMON | SPCXB |
|---|---|---|
| Max drawdown (400d) | -36.9% | -47.5% |
| Risk-adjusted return (90d) | -0.34 | 0.45 |
Relative strength over 90 days: SPCXB outperformed IBMON by 5.1% — measured on the IBMON/SPCXB ratio, so it holds regardless of market direction.