SpaceX (bStocks Tokenized Stock) (SPCXB) is 531.2× the size of Pfizer xStock (PFEX) by market capitalisation. Their daily returns move closely in opposite directions (correlation -0.65 across 26 shared trading days). SPCXB has been the more volatile of the two, at 71% annualised against PFEX's 28%.
$133.1200
PFEXSPCXB
-0.65over 26 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 | PFEX | SPCXB |
|---|---|---|
| Max drawdown (400d) | -5.7% | -47.5% |
| Risk-adjusted return (90d) | -0.18 | 0.28 |
Relative strength over 90 days: SPCXB outperformed PFEX by 11.7% — measured on the PFEX/SPCXB ratio, so it holds regardless of market direction.