ON Semiconductor (Ondo Tokenized) vs SpaceX (bStocks Tokenized Stock)

SpaceX (bStocks Tokenized Stock) (SPCXB) is 2625.3× the size of ON Semiconductor (Ondo Tokenized) (ONON) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.04 across 25 shared trading days). Both have run at a similar volatility, around 71% annualised.

Correlation: -0.04
Size ratio: 1 : 2625.3

ON Semiconductor (Ondo Tokenized)ONON

$71.3000

24h: -1.75%
Market cap: $69,624
Volume 24h: $3,855
Volatility (ann.): 70%

SpaceX (bStocks Tokenized Stock)SPCXB

$123.4200

24h: -10.39%
Market cap: $182.78M
Volume 24h: $46.58M
Volatility (ann.): 71%

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

Performance

ONONSPCXB

7 days+9.60%-6.33%ONON
30 days+15.01%-21.79%ONON
90 days—+17.70%—

Correlation

-0.04over 25 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.0490d: 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	ONON	SPCXB
Max drawdown (400d)	-12.2%	-47.5%
Risk-adjusted return (90d)	0.21	0.28

Relative strength over 90 days: ONON outperformed SPCXB by 8.5% — measured on the ONON/SPCXB ratio, so it holds regardless of market direction.

ON Semiconductor (Ondo Tokenized) →SpaceX (bStocks Tokenized Stock) →