SpaceX (bStocks Tokenized Stock) (SPCXB) is 51.2× the size of Pfizer (Ondo Tokenized Stock) (PFEON) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.01 across 29 shared trading days). Both have run at a similar volatility, around 71% annualised.
$31.8800
$132.5500
PFEONSPCXB
-0.01over 29 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 | PFEON | SPCXB |
|---|---|---|
| Max drawdown (400d) | -17.5% | -47.5% |
| Risk-adjusted return (90d) | 0.04 | 0.45 |
Relative strength over 90 days: SPCXB outperformed PFEON by 3.9% — measured on the PFEON/SPCXB ratio, so it holds regardless of market direction.