SpaceX (bStocks Tokenized Stock) (SPCXB) is 5691.6× the size of Qualcomm • Robinhood Token (QCOM) by market capitalisation. Their daily returns move barely together (correlation 0.21 across 40 shared trading days). SPCXB has been the more volatile of the two, at 73% annualised against QCOM's 61%.
$160.1200
$126.5200
QCOMSPCXB
0.21over 40 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 | QCOM | SPCXB |
|---|---|---|
| Max drawdown (400d) | -22.9% | -47.5% |
| Risk-adjusted return (90d) | -0.12 | -0.15 |
Relative strength over 90 days: QCOM outperformed SPCXB by 7.8% — measured on the QCOM/SPCXB ratio, so it holds regardless of market direction.