SpaceX (bStocks Tokenized Stock) (SPCXB) is 344394.7× the size of ServiceNow aStock (ANOW) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.03 across 31 shared trading days). SPCXB has been the more volatile of the two, at 71% annualised against ANOW's 42%.
$132.9400
ANOWSPCXB
-0.03over 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 | ANOW | SPCXB |
|---|---|---|
| Max drawdown (400d) | -5.2% | -47.5% |
| Risk-adjusted return (90d) | 0.37 | 0.28 |
Relative strength over 90 days: ANOW outperformed SPCXB by 15.7% — measured on the ANOW/SPCXB ratio, so it holds regardless of market direction.