SpaceX (bStocks Tokenized Stock) (SPCXB) is 318.7× the size of Johnson & Johnson xStock (JNJX) by market capitalisation. Their daily returns move loosely in opposite directions (correlation -0.46 across 26 shared trading days). SPCXB has been the more volatile of the two, at 71% annualised against JNJX's 20%.
$275.7800
$134.2800
JNJXSPCXB
-0.46over 26 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 | JNJX | SPCXB |
|---|---|---|
| Max drawdown (400d) | -7.0% | -47.5% |
| Risk-adjusted return (90d) | -0.26 | 0.28 |
Relative strength over 90 days: SPCXB outperformed JNJX by 14.6% — measured on the JNJX/SPCXB ratio, so it holds regardless of market direction.