SpaceX (bStocks Tokenized Stock) (SPCXB) is 45655.3× the size of Ouster, Inc. • Robinhood Token (OUST) by market capitalisation. Their daily returns move barely together (correlation 0.24 across 20 shared trading days). Both have run at a similar volatility, around 76% annualised.
$122.2300
OUSTSPCXB
0.24over 20 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 | OUST | SPCXB |
|---|---|---|
| Max drawdown (400d) | -31.8% | -47.5% |
| Risk-adjusted return (90d) | — | 0.28 |
Relative strength over 90 days: SPCXB outperformed OUST by 17.1% — measured on the OUST/SPCXB ratio, so it holds regardless of market direction.