SpaceX (bStocks Tokenized Stock) (SPCXB) is 107.6× the size of Microsoft • Robinhood Token (MSFT) by market capitalisation. Their daily returns move barely together (correlation 0.23 across 38 shared trading days). SPCXB has been the more volatile of the two, at 71% annualised against MSFT's 27%.
$512.1100
$132.5500
MSFTSPCXB
0.23over 38 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 | MSFT | SPCXB |
|---|---|---|
| Max drawdown (400d) | -5.0% | -47.5% |
| Risk-adjusted return (90d) | 0.07 | 0.45 |
Relative strength over 90 days: MSFT outperformed SPCXB by 3.9% — measured on the MSFT/SPCXB ratio, so it holds regardless of market direction.