SpaceX (bStocks Tokenized Stock) (SPCXB) is 629451.8× the size of Seagate Technology aStock (ASTX) by market capitalisation. Their daily returns move barely together (correlation 0.33 across 31 shared trading days). Both have run at a similar volatility, around 72% annualised.
$134.1600
ASTXSPCXB
0.33over 31 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 | ASTX | SPCXB |
|---|---|---|
| Max drawdown (400d) | -32.5% | -47.5% |
| Risk-adjusted return (90d) | -0.40 | 0.28 |
Relative strength over 90 days: SPCXB outperformed ASTX by 29.2% — measured on the ASTX/SPCXB ratio, so it holds regardless of market direction.