SpaceX (bStocks Tokenized Stock) (SPCXB) is 16.0× the size of SpaceX (Backpack Securities) (SPCX) by market capitalisation. Their daily returns move very closely together (correlation 0.94 across 41 shared trading days). SPCXB has been the more volatile of the two, at 71% annualised against SPCX's 43%.
$136.1900
$134.5600
SPCXSPCXB
0.94over 41 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 | SPCX | SPCXB |
|---|---|---|
| Max drawdown (400d) | -12.4% | -47.5% |
| Risk-adjusted return (90d) | 0.02 | 0.45 |
Relative strength over 90 days: SPCX outperformed SPCXB by 0.9% — measured on the SPCX/SPCXB ratio, so it holds regardless of market direction.