SpaceX (bStocks Tokenized Stock) (SPCXB) is 1740.9× the size of Moderna (Backpack Securities) (MRNA) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.06 across 39 shared trading days). Both have run at a similar volatility, around 75% annualised.
$259.0100
$123.4200
MRNASPCXB
-0.06over 39 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 | MRNA | SPCXB |
|---|---|---|
| Max drawdown (400d) | -11.7% | -47.5% |
| Risk-adjusted return (90d) | 0.77 | 0.28 |
Relative strength over 90 days: MRNA outperformed SPCXB by 69.4% — measured on the MRNA/SPCXB ratio, so it holds regardless of market direction.