SpaceX (bStocks Tokenized Stock) (SPCXB) is 359.3× the size of Newmont (Ondo Tokenized) (NEMON) by market capitalisation. Their daily returns move barely together (correlation 0.15 across 29 shared trading days). SPCXB has been the more volatile of the two, at 71% annualised against NEMON's 42%.
$132.8600
NEMONSPCXB
0.15over 29 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 | NEMON | SPCXB |
|---|---|---|
| Max drawdown (400d) | -11.8% | -47.5% |
| Risk-adjusted return (90d) | -0.27 | 0.45 |
Relative strength over 90 days: SPCXB outperformed NEMON by 16.3% — measured on the NEMON/SPCXB ratio, so it holds regardless of market direction.