SpaceX (bStocks Tokenized Stock) (SPCXB) is 112.8× the size of Sandisk (Backpack Securities) (SNDK) by market capitalisation. Their daily returns move barely together (correlation 0.13 across 40 shared trading days). SNDK has been the more volatile of the two, at 116% annualised against SPCXB's 71%.
$1,091.31
$130.8800
SNDKSPCXB
0.13over 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 | SNDK | SPCXB |
|---|---|---|
| Max drawdown (400d) | -42.6% | -47.5% |
| Risk-adjusted return (90d) | -0.22 | 0.45 |
Relative strength over 90 days: SPCXB outperformed SNDK by 25.9% — measured on the SNDK/SPCXB ratio, so it holds regardless of market direction.