SpaceX (bStocks Tokenized Stock) (SPCXB) is 174.2× the size of RoboStrategy (Backpack Securities) (BOT) by market capitalisation. Their daily returns move barely together (correlation 0.23 across 39 shared trading days). Both have run at a similar volatility, around 73% annualised.
$23.5000
$135.3200
BOTSPCXB
0.23over 39 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 | BOT | SPCXB |
|---|---|---|
| Max drawdown (400d) | -31.0% | -47.5% |
| Risk-adjusted return (90d) | -0.13 | 0.45 |
Relative strength over 90 days: SPCXB outperformed BOT by 8.3% — measured on the BOT/SPCXB ratio, so it holds regardless of market direction.