SpaceX (bStocks Tokenized Stock) (SPCXB) is 826.1× the size of Moderna (Ondo Tokenized) (MRNAON) by market capitalisation. Their daily returns move barely together (correlation 0.14 across 47 shared trading days). MRNAON has been the more volatile of the two, at 85% annualised against SPCXB's 71%.
$258.3800
$123.5700
MRNAONSPCXB
0.14over 47 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 | MRNAON | SPCXB |
|---|---|---|
| Max drawdown (400d) | -14.0% | -47.5% |
| Risk-adjusted return (90d) | 0.88 | 0.28 |
Relative strength over 90 days: MRNAON outperformed SPCXB by 72.9% — measured on the MRNAON/SPCXB ratio, so it holds regardless of market direction.