SpaceX (bStocks Tokenized Stock) (SPCXB) is 111.4× the size of SK Hynix • Robinhood Token (SKYHY) by market capitalisation. Their daily returns move barely together (correlation 0.01 across 39 shared trading days). SKYHY has been the more volatile of the two, at 98% annualised against SPCXB's 71%.
$145.3900
$132.8600
SKYHYSPCXB
0.01over 39 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 | SKYHY | SPCXB |
|---|---|---|
| Max drawdown (400d) | -26.7% | -47.5% |
| Risk-adjusted return (90d) | -0.08 | 0.45 |
Relative strength over 90 days: SPCXB outperformed SKYHY by 6.0% — measured on the SKYHY/SPCXB ratio, so it holds regardless of market direction.