SpaceX (bStocks Tokenized Stock) (SPCXB) is 1.4× the size of MicroStrategy xStock (MSTRX) by market capitalisation. Their daily returns move barely together (correlation 0.20 across 56 shared trading days). MSTRX has been the more volatile of the two, at 101% annualised against SPCXB's 71%.
$133.1200
MSTRXSPCXB
0.20over 56 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 | MSTRX | SPCXB |
|---|---|---|
| Max drawdown (400d) | -18.3% | -47.5% |
| Risk-adjusted return (90d) | 0.38 | 0.28 |
Relative strength over 90 days: MSTRX outperformed SPCXB by 43.3% — measured on the MSTRX/SPCXB ratio, so it holds regardless of market direction.