SpaceX (bStocks Tokenized Stock) (SPCXB) is 449.5× the size of Intel (Backpack Securities) (INTC) by market capitalisation. Their daily returns move loosely together (correlation 0.46 across 38 shared trading days). INTC has been the more volatile of the two, at 123% annualised against SPCXB's 71%.
$59.0700
$135.7100
INTCSPCXB
0.46over 38 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 | INTC | SPCXB |
|---|---|---|
| Max drawdown (400d) | -53.0% | -47.5% |
| Risk-adjusted return (90d) | -0.25 | 0.45 |
Relative strength over 90 days: SPCXB outperformed INTC by 30.4% — measured on the INTC/SPCXB ratio, so it holds regardless of market direction.