SpaceX (bStocks Tokenized Stock) (SPCXB) is 43.3× the size of Tesla • Robinhood Token (TSLA) by market capitalisation. Their daily returns move loosely together (correlation 0.52 across 38 shared trading days). SPCXB has been the more volatile of the two, at 71% annualised against TSLA's 50%.
$132.9200
TSLASPCXB
0.52over 38 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 | TSLA | SPCXB |
|---|---|---|
| Max drawdown (400d) | -6.4% | -47.5% |
| Risk-adjusted return (90d) | 0.32 | 0.45 |
Relative strength over 90 days: TSLA outperformed SPCXB by 18.6% — measured on the TSLA/SPCXB ratio, so it holds regardless of market direction.