SpaceX (bStocks Tokenized Stock) (SPCXB) is 48197.4× the size of Innodata • Robinhood Token (INOD) by market capitalisation. Their daily returns move barely together (correlation 0.13 across 22 shared trading days). INOD has been the more volatile of the two, at 95% annualised against SPCXB's 71%.
$123.0800
INODSPCXB
0.13over 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 | INOD | SPCXB |
|---|---|---|
| Max drawdown (400d) | -37.2% | -47.5% |
| Risk-adjusted return (90d) | -0.39 | 0.28 |
Relative strength over 90 days: SPCXB outperformed INOD by 31.4% — measured on the INOD/SPCXB ratio, so it holds regardless of market direction.