SpaceX (bStocks Tokenized Stock) (SPCXB) is 4100.2× the size of NextEra Energy (Ondo Tokenized) (NEEON) by market capitalisation. Their daily returns move loosely together (correlation 0.48 across 25 shared trading days). SPCXB has been the more volatile of the two, at 73% annualised against NEEON's 19%.
$89.6000
$134.7500
NEEONSPCXB
0.48over 25 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 | NEEON | SPCXB |
|---|---|---|
| Max drawdown (400d) | -10.0% | -47.5% |
| Risk-adjusted return (90d) | -0.48 | -0.15 |
Relative strength over 90 days: SPCXB outperformed NEEON by 15.6% — measured on the NEEON/SPCXB ratio, so it holds regardless of market direction.