SpaceX (bStocks Tokenized Stock) (SPCXB) is 27.2× the size of Meta Platforms • Robinhood Token (META) by market capitalisation. Their daily returns move barely together (correlation 0.01 across 37 shared trading days). Both have run at a similar volatility, around 68% annualised.
$613.3800
$132.8600
METASPCXB
0.01over 37 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 | META | SPCXB |
|---|---|---|
| Max drawdown (400d) | -21.3% | -47.5% |
| Risk-adjusted return (90d) | 0.08 | 0.45 |
Relative strength over 90 days: META outperformed SPCXB by 7.3% — measured on the META/SPCXB ratio, so it holds regardless of market direction.