SpaceX (bStocks Tokenized Stock) (SPCXB) is 276.5× the size of Shopify (Ondo Tokenized Stock) (SHOPON) by market capitalisation. Their daily returns move barely together (correlation 0.03 across 109 shared trading days). SPCXB has been the more volatile of the two, at 71% annualised against SHOPON's 61%.
$138.3500
$132.5500
SHOPONSPCXB
0.03over 109 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 | SHOPON | SPCXB |
|---|---|---|
| Max drawdown (400d) | -46.3% | -47.5% |
| Risk-adjusted return (90d) | 0.37 | 0.45 |
Relative strength over 90 days: SHOPON outperformed SPCXB by 45.6% — measured on the SHOPON/SPCXB ratio, so it holds regardless of market direction.