SpaceX (bStocks Tokenized Stock) (SPCXB) is 652.3× the size of Nebius Group • Robinhood Token (NBIS) by market capitalisation. Their daily returns move loosely together (correlation 0.47 across 39 shared trading days). NBIS has been the more volatile of the two, at 107% annualised against SPCXB's 71%.
$137.5700
$133.6100
NBISSPCXB
0.47over 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 | NBIS | SPCXB |
|---|---|---|
| Max drawdown (400d) | -42.0% | -47.5% |
| Risk-adjusted return (90d) | -0.28 | 0.28 |
Relative strength over 90 days: SPCXB outperformed NBIS by 25.5% — measured on the NBIS/SPCXB ratio, so it holds regardless of market direction.