SpaceX (bStocks Tokenized Stock) (SPCXB) is 2271.1× the size of Snowflake Inc. • Robinhood Token (SNOW) by market capitalisation. Their daily returns move loosely together (correlation 0.57 across 39 shared trading days). Both have run at a similar volatility, around 74% annualised.
$290.9400
$132.3000
SNOWSPCXB
0.57over 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 | SNOW | SPCXB |
|---|---|---|
| Max drawdown (400d) | -18.9% | -47.5% |
| Risk-adjusted return (90d) | -0.19 | 0.28 |
Relative strength over 90 days: SPCXB outperformed SNOW by 9.6% — measured on the SNOW/SPCXB ratio, so it holds regardless of market direction.