SpaceX (bStocks Tokenized Stock) (SPCXB) is 1.6× the size of Circle xStock (CRCLX) by market capitalisation. Their daily returns move barely together (correlation 0.20 across 57 shared trading days). CRCLX has been the more volatile of the two, at 95% annualised against SPCXB's 71%.
$133.1200
SPCXBCRCLX
0.20over 57 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 | SPCXB | CRCLX |
|---|---|---|
| Max drawdown (400d) | -47.5% | -30.8% |
| Risk-adjusted return (90d) | 0.28 | 0.06 |
Relative strength over 90 days: CRCLX outperformed SPCXB by 10.4% — measured on the SPCXB/CRCLX ratio, so it holds regardless of market direction.