SpaceX (bStocks Tokenized Stock) (SPCXB) is 1321.9× the size of Philip Morris xStock (PMX) by market capitalisation. Their daily returns move barely together (correlation 0.02 across 26 shared trading days). SPCXB has been the more volatile of the two, at 71% annualised against PMX's 40%.
$133.6100
PMXSPCXB
0.02over 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 | PMX | SPCXB |
|---|---|---|
| Max drawdown (400d) | -5.1% | -47.5% |
| Risk-adjusted return (90d) | 0.08 | 0.28 |
Relative strength over 90 days: SPCXB outperformed PMX by 7.2% — measured on the PMX/SPCXB ratio, so it holds regardless of market direction.