SpaceX (bStocks Tokenized Stock) (SPCXB) is 600.2× the size of SharpLink Gaming, Inc (Ondo Tokenized Stock) (SBETON) by market capitalisation. Their daily returns move barely together (correlation 0.11 across 112 shared trading days). Both have run at a similar volatility, around 77% annualised.
$6.5300
$132.9400
SBETONSPCXB
0.11over 112 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 | SBETON | SPCXB |
|---|---|---|
| Max drawdown (400d) | -76.2% | -47.5% |
| Risk-adjusted return (90d) | 0.72 | 0.45 |
| Best 30 days (past year) | +44.9% | — |
| Worst 30 days (past year) | -43.3% | — |
Relative strength over 90 days: SBETON outperformed SPCXB by 76.0% — measured on the SBETON/SPCXB ratio, so it holds regardless of market direction.