SpaceX (bStocks Tokenized Stock) (SPCXB) is 45.2× the size of Meta (Coinbase Tokenized Stock) (METAC) by market capitalisation. Their daily returns move barely together (correlation 0.03 across 40 shared trading days). Both have run at a similar volatility, around 67% annualised.
$612.8200
$138.2200
METACSPCXB
0.03over 40 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 | METAC | SPCXB |
|---|---|---|
| Max drawdown (400d) | -21.5% | -47.5% |
| Risk-adjusted return (90d) | 0.10 | 0.45 |
Relative strength over 90 days: METAC outperformed SPCXB by 5.7% — measured on the METAC/SPCXB ratio, so it holds regardless of market direction.