SpaceX (bStocks Tokenized Stock) (SPCXB) is 849.1× the size of Snap Inc. • Robinhood Token (SNAP) by market capitalisation. Their daily returns move barely together (correlation 0.22 across 37 shared trading days). SNAP has been the more volatile of the two, at 103% annualised against SPCXB's 71%.
$5.4900
$132.5500
SNAPSPCXB
0.22over 37 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 | SNAP | SPCXB |
|---|---|---|
| Max drawdown (400d) | -20.5% | -47.5% |
| Risk-adjusted return (90d) | -0.04 | 0.45 |
Relative strength over 90 days: SNAP outperformed SPCXB by 0.2% — measured on the SNAP/SPCXB ratio, so it holds regardless of market direction.