SpaceX (bStocks Tokenized Stock) (SPCXB) is 400.7× the size of Novo Nordisk xStock (NVOX) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.25 across 35 shared trading days). NVOX has been the more volatile of the two, at 117% annualised against SPCXB's 71%.
$136.7300
NVOXSPCXB
-0.25over 35 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 | NVOX | SPCXB |
|---|---|---|
| Max drawdown (400d) | -36.9% | -47.5% |
| Risk-adjusted return (90d) | -0.14 | 0.45 |
Relative strength over 90 days: SPCXB outperformed NVOX by 11.3% — measured on the NVOX/SPCXB ratio, so it holds regardless of market direction.