SpaceX (bStocks Tokenized Stock) (SPCXB) is 84.8× the size of Qualcomm (Ondo Tokenized Stock) (QCOMON) by market capitalisation. Their daily returns move barely together (correlation 0.17 across 109 shared trading days). SPCXB has been the more volatile of the two, at 71% annualised against QCOMON's 59%.
$162.7200
$132.5500
QCOMONSPCXB
0.17over 109 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 | QCOMON | SPCXB |
|---|---|---|
| Max drawdown (400d) | -41.6% | -47.5% |
| Risk-adjusted return (90d) | 0.18 | 0.45 |
Relative strength over 90 days: QCOMON outperformed SPCXB by 28.1% — measured on the QCOMON/SPCXB ratio, so it holds regardless of market direction.