SpaceX (bStocks Tokenized Stock) (SPCXB) is 27.5× the size of Strategy Inc. • Robinhood Token (MSTR) by market capitalisation. Their daily returns move barely together (correlation 0.07 across 36 shared trading days). MSTR has been the more volatile of the two, at 181% annualised against SPCXB's 71%.
$132.4900
$136.6800
MSTRSPCXB
0.07over 36 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) | -49.6% | -47.5% |
| Risk-adjusted return (90d) | -0.24 | 0.45 |
Relative strength over 90 days: SPCXB outperformed MSTR by 44.4% — measured on the MSTR/SPCXB ratio, so it holds regardless of market direction.