SpaceX (bStocks Tokenized Stock) (SPCXB) is 1286.4× the size of Riot Platforms xStock (RIOTX) by market capitalisation. Their daily returns move barely together (correlation 0.32 across 21 shared trading days). RIOTX has been the more volatile of the two, at 7677% annualised against SPCXB's 73%.
$14.8500
$128.7100
RIOTXSPCXB
0.32over 21 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 | RIOTX | SPCXB |
|---|---|---|
| Max drawdown (400d) | -100.0% | -47.5% |
| Risk-adjusted return (90d) | -0.01 | -0.15 |
Relative strength over 90 days: SPCXB outperformed RIOTX by 95.5% — measured on the RIOTX/SPCXB ratio, so it holds regardless of market direction.