SpaceX (bStocks Tokenized Stock) (SPCXB) is 63.2× the size of Robinhood Markets (Ondo Tokenized Stock) (HOODON) by market capitalisation. Their daily returns move barely together (correlation 0.25 across 110 shared trading days). Both have run at a similar volatility, around 73% annualised.
$84.1500
$135.9600
HOODONSPCXB
0.25over 110 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 | HOODON | SPCXB |
|---|---|---|
| Max drawdown (400d) | -57.6% | -47.5% |
| Risk-adjusted return (90d) | 0.10 | 0.45 |
Relative strength over 90 days: HOODON outperformed SPCXB by 13.6% — measured on the HOODON/SPCXB ratio, so it holds regardless of market direction.