PDD Holdings (Ondo Tokenized) vs SpaceX (bStocks Tokenized Stock)

SpaceX (bStocks Tokenized Stock) (SPCXB) is 15.2× the size of PDD Holdings (Ondo Tokenized) (PDDON) by market capitalisation. Over the past 90 days, SPCXB is ahead by 16.1 percentage points (PDDON +1.6% against SPCXB +17.7%). Their daily returns move barely together (correlation 0.07 across 109 shared trading days). SPCXB has been the more volatile of the two, at 71% annualised against PDDON's 34%.

Correlation: 0.07
Size ratio: 1 : 15.2
Ahead over 90 days: SPCXB

PDD Holdings (Ondo Tokenized)PDDON

$83.2100

24h: +4.09%
Market cap: $11.97M
Volume 24h: $538,826
Volatility (ann.): 34%

SpaceX (bStocks Tokenized Stock)SPCXB

$122.2300

24h: -10.41%
Market cap: $181.37M
Volume 24h: $39.91M
Volatility (ann.): 71%

PDDON 6.2%Share of the two combined market caps93.8% SPCXB

Performance

PDDONSPCXB

7 days-2.18%-6.33%PDDON
30 days-9.48%-21.79%PDDON
90 days+1.65%+17.70%SPCXB

Correlation

0.07over 109 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.0390d: -0.071y: 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	PDDON	SPCXB
Max drawdown (400d)	-31.1%	-47.5%
Risk-adjusted return (90d)	0.05	0.28

Relative strength over 90 days: PDDON outperformed SPCXB by 19.8% — measured on the PDDON/SPCXB ratio, so it holds regardless of market direction.

PDD Holdings (Ondo Tokenized) →SpaceX (bStocks Tokenized Stock) →