Taiwan Semiconductor Manufacturing • Robinhood Token vs SpaceX (bStocks Tokenized Stock)

SpaceX (bStocks Tokenized Stock) (SPCXB) is 150.2× the size of Taiwan Semiconductor Manufacturing • Robinhood Token (TSM) by market capitalisation. Their daily returns move loosely together (correlation 0.55 across 37 shared trading days). SPCXB has been the more volatile of the two, at 71% annualised against TSM's 32%.

Correlation: 0.55
Size ratio: 1 : 150.2

Taiwan Semiconductor Manufacturing • Robinhood TokenTSM

$401.2900

24h: -1.04%
Market cap: $1.31M
Volume 24h: $926,332
Volatility (ann.): 32%

SpaceX (bStocks Tokenized Stock)SPCXB

$134.9800

24h: -1.99%
Market cap: $197.38M
Volume 24h: $46.76M
Volatility (ann.): 71%

TSM 0.7%Share of the two combined market caps99.3% SPCXB

Performance

TSMSPCXB

7 days-11.63%-5.60%SPCXB
30 days-5.65%-11.42%TSM
90 days—+28.18%—

Correlation

0.55over 37 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.6690d: insufficient data1y: 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	TSM	SPCXB
Max drawdown (400d)	-11.7%	-47.5%
Risk-adjusted return (90d)	-0.09	0.45

Relative strength over 90 days: SPCXB outperformed TSM by 1.2% — measured on the TSM/SPCXB ratio, so it holds regardless of market direction.

Taiwan Semiconductor Manufacturing • Robinhood Token →SpaceX (bStocks Tokenized Stock) →