SpaceX (bStocks Tokenized Stock) (SPCXB) is 334.9× the size of Netflix • Robinhood Token (NFLX) by market capitalisation. Their daily returns move barely together (correlation 0.19 across 37 shared trading days). SPCXB has been the more volatile of the two, at 71% annualised against NFLX's 44%.
$62.6300
$136.6600
NFLXSPCXB
0.19over 37 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 | NFLX | SPCXB |
|---|---|---|
| Max drawdown (400d) | -25.1% | -47.5% |
| Risk-adjusted return (90d) | -0.55 | 0.45 |
Relative strength over 90 days: SPCXB outperformed NFLX by 20.4% — measured on the NFLX/SPCXB ratio, so it holds regardless of market direction.