SpaceX (bStocks Tokenized Stock) (SPCXB) is 193.5× the size of S&P Global (Ondo Tokenized Stock) (SPGION) by market capitalisation. Their daily returns move barely together (correlation 0.04 across 38 shared trading days). SPCXB has been the more volatile of the two, at 71% annualised against SPGION's 53%.
$489.1500
$136.6800
SPGIONSPCXB
0.04over 38 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 | SPGION | SPCXB |
|---|---|---|
| Max drawdown (400d) | -12.9% | -47.5% |
| Risk-adjusted return (90d) | 0.15 | 0.45 |
Relative strength over 90 days: SPGION outperformed SPCXB by 9.8% — measured on the SPGION/SPCXB ratio, so it holds regardless of market direction.