SpaceX (bStocks Tokenized Stock) (SPCXB) is 201.6× the size of Strive Preferred (Ondo Tokenized) (SATAON) by market capitalisation. Their daily returns move barely together (correlation 0.13 across 26 shared trading days). SPCXB has been the more volatile of the two, at 71% annualised against SATAON's 6%.
$102.9800
$134.5100
SATAONSPCXB
0.13over 26 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 | SATAON | SPCXB |
|---|---|---|
| Max drawdown (400d) | -0.6% | -47.5% |
| Risk-adjusted return (90d) | 0.18 | 0.28 |
Relative strength over 90 days: SPCXB outperformed SATAON by 3.4% — measured on the SATAON/SPCXB ratio, so it holds regardless of market direction.