SP500 xStock (SPYX) is 3.0× the size of SPY (bStocks Tokenized Stock) (SPYB) by market capitalisation. Their daily returns move very closely together (correlation 0.89 across 55 shared trading days). Both have run at a similar volatility, around 11% annualised.
$769.0000
SPYBSPYX
0.89over 55 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 | SPYB | SPYX |
|---|---|---|
| Max drawdown (400d) | -3.4% | -2.7% |
| Risk-adjusted return (90d) | -0.22 | -0.14 |
Relative strength over 90 days: SPYX outperformed SPYB by 0.4% — measured on the SPYB/SPYX ratio, so it holds regardless of market direction.