SpaceX (bStocks Tokenized Stock) (SPCXB) is 725.0× the size of NIKE (Backpack Securities) (NKE) by market capitalisation. Their daily returns move loosely in opposite directions (correlation -0.49 across 32 shared trading days). Both have run at a similar volatility, around 76% annualised.
$40.4000
$133.9200
NKESPCXB
-0.49over 32 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 | NKE | SPCXB |
|---|---|---|
| Max drawdown (400d) | -15.7% | -47.5% |
| Risk-adjusted return (90d) | 0.08 | 0.28 |
Relative strength over 90 days: NKE outperformed SPCXB by 20.4% — measured on the NKE/SPCXB ratio, so it holds regardless of market direction.