SP500 xStock (SPYX) is 53.8× the size of Invesco QQQ Trust (bStocks Tokenized Stock) (QQQB) by market capitalisation. Their daily returns move closely together (correlation 0.73 across 55 shared trading days). QQQB has been the more volatile of the two, at 20% annualised against SPYX's 11%.
$692.5600
QQQBSPYX
0.73over 55 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 | QQQB | SPYX |
|---|---|---|
| Max drawdown (400d) | -10.1% | -2.7% |
| Risk-adjusted return (90d) | -0.25 | -0.14 |
Relative strength over 90 days: SPYX outperformed QQQB by 3.0% — measured on the QQQB/SPYX ratio, so it holds regardless of market direction.