SpaceX (bStocks Tokenized Stock) (SPCXB) is 604.2× the size of IREN Tokenized Stock (Reality) (RIREN) by market capitalisation. Their daily returns move barely together (correlation 0.23 across 25 shared trading days). Both have run at a similar volatility, around 68% annualised.
$21.1900
$132.3800
RIRENSPCXB
0.23over 25 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 | RIREN | SPCXB |
|---|---|---|
| Max drawdown (400d) | -26.5% | -47.5% |
| Risk-adjusted return (90d) | -0.21 | 0.28 |
Relative strength over 90 days: SPCXB outperformed RIREN by 24.1% — measured on the RIREN/SPCXB ratio, so it holds regardless of market direction.