SpaceX (bStocks Tokenized Stock) (SPCXB) is 292.8× the size of Strategy (Backpack Securities) (MSTR) by market capitalisation. Their daily returns move loosely together (correlation 0.36 across 39 shared trading days). MSTR has been the more volatile of the two, at 100% annualised against SPCXB's 71%.
$132.5400
$135.3500
MSTRSPCXB
0.36over 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 | MSTR | SPCXB |
|---|---|---|
| Max drawdown (400d) | -22.8% | -47.5% |
| Risk-adjusted return (90d) | 0.02 | 0.45 |
Relative strength over 90 days: MSTR outperformed SPCXB by 3.7% — measured on the MSTR/SPCXB ratio, so it holds regardless of market direction.