SpaceX (bStocks Tokenized Stock) (SPCXB) is 11.2× the size of NVIDIA • Robinhood Token (NVDA) by market capitalisation. Their daily returns move barely together (correlation 0.24 across 40 shared trading days). SPCXB has been the more volatile of the two, at 71% annualised against NVDA's 34%.
$204.4500
$132.5500
NVDASPCXB
0.24over 40 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 | NVDA | SPCXB |
|---|---|---|
| Max drawdown (400d) | -12.6% | -47.5% |
| Risk-adjusted return (90d) | -0.14 | 0.45 |
Relative strength over 90 days: SPCXB outperformed NVDA by 4.9% — measured on the NVDA/SPCXB ratio, so it holds regardless of market direction.