SpaceX (bStocks Tokenized Stock) (SPCXB) is 94.5× the size of Tesla (Coinbase Tokenized Stocks) (TSLAC) by market capitalisation. Their daily returns move loosely together (correlation 0.46 across 32 shared trading days). SPCXB has been the more volatile of the two, at 71% annualised against TSLAC's 40%.
$386.9400
$134.1600
TSLACSPCXB
0.46over 32 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 | TSLAC | SPCXB |
|---|---|---|
| Max drawdown (400d) | -9.3% | -47.5% |
| Risk-adjusted return (90d) | 0.21 | 0.28 |
Relative strength over 90 days: TSLAC outperformed SPCXB by 19.7% — measured on the TSLAC/SPCXB ratio, so it holds regardless of market direction.