SpaceX (bStocks Tokenized Stock) (SPCXB) is 5221.7× the size of nVent Electric (Ondo Tokenized) (NVTON) by market capitalisation. Their daily returns move barely together (correlation 0.27 across 25 shared trading days). SPCXB has been the more volatile of the two, at 73% annualised against NVTON's 56%.
$98.6700
$126.8600
NVTONSPCXB
0.27over 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 | NVTON | SPCXB |
|---|---|---|
| Max drawdown (400d) | -9.8% | -47.5% |
| Risk-adjusted return (90d) | 0.19 | -0.15 |
Relative strength over 90 days: NVTON outperformed SPCXB by 4.5% — measured on the NVTON/SPCXB ratio, so it holds regardless of market direction.