SpaceX (bStocks Tokenized Stock) (SPCXB) is 117.8× the size of Snowflake (Ondo Tokenized Stock) (SNOWON) by market capitalisation. Their daily returns move barely together (correlation 0.15 across 109 shared trading days). Both have run at a similar volatility, around 68% annualised.
$287.3200
$132.5500
SNOWONSPCXB
0.15over 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 | SNOWON | SPCXB |
|---|---|---|
| Max drawdown (400d) | -57.5% | -47.5% |
| Risk-adjusted return (90d) | 0.63 | 0.45 |
Relative strength over 90 days: SNOWON outperformed SPCXB by 55.9% — measured on the SNOWON/SPCXB ratio, so it holds regardless of market direction.