Strategy Stretch Preferred (Ondo Tokenized) vs SpaceX (bStocks Tokenized Stock)

SpaceX (bStocks Tokenized Stock) (SPCXB) is 3.7× the size of Strategy Stretch Preferred (Ondo Tokenized) (STRCON) by market capitalisation. Over the past 90 days, SPCXB is ahead by 9.3 percentage points (STRCON +18.9% against SPCXB +28.2%). Their daily returns move barely together (correlation 0.08 across 101 shared trading days). SPCXB has been the more volatile of the two, at 71% annualised against STRCON's 20%.

Correlation: 0.08
Size ratio: 1 : 3.7
Ahead over 90 days: SPCXB

Strategy Stretch Preferred (Ondo Tokenized)STRCON

$106.3900

24h: -0.27%
Market cap: $52.96M
Volume 24h: $1.13M
Volatility (ann.): 20%

SpaceX (bStocks Tokenized Stock)SPCXB

$132.5500

24h: -3.48%
Market cap: $195.62M
Volume 24h: $53.04M
Volatility (ann.): 71%

STRCON 21.3%Share of the two combined market caps78.7% SPCXB

Performance

STRCONSPCXB

7 days+0.80%-5.60%STRCON
30 days+3.71%-11.42%STRCON
90 days+18.91%+28.18%SPCXB

Correlation

0.08over 101 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.4990d: 0.211y: insufficient data

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.

Risk & extremes

Metric	STRCON	SPCXB
Max drawdown (400d)	-4.3%	-47.5%
Risk-adjusted return (90d)	1.13	0.45

Relative strength over 90 days: STRCON outperformed SPCXB by 23.2% — measured on the STRCON/SPCXB ratio, so it holds regardless of market direction.

Strategy Stretch Preferred (Ondo Tokenized) →SpaceX (bStocks Tokenized Stock) →