SpaceX (bStocks Tokenized Stock) (SPCXB) is 5.9× the size of NVIDIA (Ondo Tokenized Stock) (NVDAON) by market capitalisation. Their daily returns move barely together (correlation 0.24 across 52 shared trading days). SPCXB has been the more volatile of the two, at 71% annualised against NVDAON's 44%.
$208.1400
$135.3200
NVDAONSPCXB
0.24over 52 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 | NVDAON | SPCXB |
|---|---|---|
| Max drawdown (400d) | -12.1% | -47.5% |
| Risk-adjusted return (90d) | -0.07 | 0.45 |
Relative strength over 90 days: SPCXB outperformed NVDAON by 7.2% — measured on the NVDAON/SPCXB ratio, so it holds regardless of market direction.