On Holding AG Tokenized Stock (Reality) vs SpaceX (bStocks Tokenized Stock)

SpaceX (bStocks Tokenized Stock) (SPCXB) is 24706.4× the size of On Holding AG Tokenized Stock (Reality) (RONON) by market capitalisation. Their daily returns move barely together (correlation 0.18 across 26 shared trading days). SPCXB has been the more volatile of the two, at 71% annualised against RONON's 45%.

Correlation: 0.18
Size ratio: 1 : 24706.4

On Holding AG Tokenized Stock (Reality)RONON

$36.4700

24h: +2.97%
Market cap: $8,155
Volume 24h: $31
Volatility (ann.): 45%

SpaceX (bStocks Tokenized Stock)SPCXB

$134.8000

24h: -3.68%
Market cap: $201.47M
Volume 24h: $71.09M
Volatility (ann.): 71%

RONON 0.0%Share of the two combined market caps100.0% SPCXB

Performance

RONONSPCXB

7 days+6.35%-6.33%RONON
30 days+28.98%-21.79%RONON
90 days—+17.70%—

Correlation

0.18over 26 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.1890d: insufficient data1y: insufficient data

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.

Risk & extremes

Metric	RONON	SPCXB
Max drawdown (400d)	-3.0%	-47.5%
Risk-adjusted return (90d)	0.64	0.28

Relative strength over 90 days: RONON outperformed SPCXB by 34.6% — measured on the RONON/SPCXB ratio, so it holds regardless of market direction.

On Holding AG Tokenized Stock (Reality) →SpaceX (bStocks Tokenized Stock) →