The Wendy's Company (Backpack Securities) vs SpaceX (bStocks Tokenized Stock)

SpaceX (bStocks Tokenized Stock) (SPCXB) is 1480.6× the size of The Wendy's Company (Backpack Securities) (WEN) by market capitalisation. Their daily returns move loosely in opposite directions (correlation -0.52 across 22 shared trading days). WEN has been the more volatile of the two, at 87% annualised against SPCXB's 71%.

Correlation: -0.52
Size ratio: 1 : 1480.6

The Wendy's Company (Backpack Securities)WEN

$7.5100

24h: +4.14%
Market cap: $132,141
Volume 24h: $817,793
Volatility (ann.): 87%

SpaceX (bStocks Tokenized Stock)SPCXB

$132.3000

24h: +1.08%
Market cap: $195.65M
Volume 24h: $48.58M
Volatility (ann.): 71%

WEN 0.1%Share of the two combined market caps99.9% SPCXB

Performance

WENSPCXB

7 days+7.48%-6.33%WEN
30 days—-21.79%—
90 days—+17.70%—

Correlation

-0.52over 22 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: insufficient data90d: 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	WEN	SPCXB
Max drawdown (400d)	-8.9%	-47.5%
Risk-adjusted return (90d)	0.24	0.28

Relative strength over 90 days: WEN outperformed SPCXB by 42.5% — measured on the WEN/SPCXB ratio, so it holds regardless of market direction.

The Wendy's Company (Backpack Securities) →SpaceX (bStocks Tokenized Stock) →