SpaceX (bStocks Tokenized Stock) (SPCXB) is 455264.4× the size of IONQ aStock (AIONQ) by market capitalisation. Their daily returns move barely together (correlation 0.23 across 31 shared trading days). Both have run at a similar volatility, around 70% annualised.
$133.4400
AIONQSPCXB
0.23over 31 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 | AIONQ | SPCXB |
|---|---|---|
| Max drawdown (400d) | -31.8% | -47.5% |
| Risk-adjusted return (90d) | -0.46 | 0.28 |
Relative strength over 90 days: SPCXB outperformed AIONQ by 31.7% — measured on the AIONQ/SPCXB ratio, so it holds regardless of market direction.