SpaceX (bStocks Tokenized Stock) (SPCXB) is 6.0× the size of Micron Technology (Ondo Tokenized Stock) (MUON) by market capitalisation. Their daily returns move barely together (correlation 0.13 across 52 shared trading days). Both have run at a similar volatility, around 72% annualised.
$865.3100
$136.5600
MUONSPCXB
0.13over 52 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 | MUON | SPCXB |
|---|---|---|
| Max drawdown (400d) | -22.6% | -47.5% |
| Risk-adjusted return (90d) | -0.13 | 0.45 |
Relative strength over 90 days: SPCXB outperformed MUON by 13.3% — measured on the MUON/SPCXB ratio, so it holds regardless of market direction.