SpaceX (bStocks Tokenized Stock) (SPCXB) is 1883.3× the size of OPEN xStock (OPENX) by market capitalisation. Their daily returns move loosely together (correlation 0.38 across 27 shared trading days). Both have run at a similar volatility, around 72% annualised.
$123.4200
OPENXSPCXB
0.38over 27 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 | OPENX | SPCXB |
|---|---|---|
| Max drawdown (400d) | -28.4% | -47.5% |
| Risk-adjusted return (90d) | -0.28 | 0.28 |
Relative strength over 90 days: SPCXB outperformed OPENX by 24.9% — measured on the OPENX/SPCXB ratio, so it holds regardless of market direction.